Sydney still priciest but others catching up

Sydney remains Australia's least affordable city but prices in Melbourne, Brisbane and Adelaide are all shooting up quickly with increases of 18.9, 18.6 and 16.7 per cent respectively expected this year. Values have increased more slowly in Sydney since an ‘affordability crunch' in late 2003 and the same situation occurred in Perth late in 2006. To become as unaffordable as Sydney however, other capital cities would require a further 15 to 20 per cent increase in their house prices.