Australia has least affordable homes

A study has found that on average an Australian family has to spend 6.1 times their entire household income to buy a home, while Americans need only 3.6 times their income and Canadians 3.1 times. The study, which looked at 227 cities in Australia, Canada, Ireland, the United Kingdom, New Zealand and the US, reports that Australian homes are the least affordable. While Los Angeles remains that least affordable place to buy property it is Australia's 18 entrants in the top 50 that combine to make ours the least affordable country. Economist and author of the 2008 Demographia report, Wendell Cox, said that there are no affordable markets in Australia with 25 of the 28 markets assessed being rated as severely unaffordable.

By The Australian