If you’re worried about never owning a house in NSW, this might make you feel better: Sydney has the world’s second-most unaffordable housing market, trailing just behind Hong Kong.
This means it costs more to buy a home in Sydney than in cities like New York, San Francisco, L.A. and London.
Research firm Demographia released the stats as part of their annual index, which ranks housing affordability in 406 cities where the population is over one million. According to the results, Australia is hella expensive in general, as Melbourne came in sixth, and Adelaide, Brisbane and Perth made the top 20.
Apparently the reason for Australia’s super expensive housing prices is “urban containment policies,” which means there’s a stronger focus on people buying in already-popular areas instead of branching out into new sites, which are commonly known as “greenfields.”
At least there’s some hope: new NSW Premier Gladys Berejiklian, who has replaced Mike Baird, said one of her priorities is to make sure people in her state can buy a place. She said the housing affordability crisis is “the biggest issue people have across the state,” something she became aware of in her two years as Treasurer, so now she says, “I want to make sure that every average, hard-working person in this state can aspire to own their own home. That’s something that I valued and worked hard to do and I want to make sure that everyone else has that opportunity as well.”
See, it’s not just your avocado toast habit.