Cam Wallace
7 posts
My hometown, Adelaide, which has zero export industries other than wine—which not even made in the city anyway—is more unaffordable than San Francisco, the centre of the global tech industry.
Ridiculous.
Marko Matvikov@MarkoMatvikov
Sydney now has the most unaffordable housing in the world when measured by taking the median house price over the median income. It was second for years, but Hong Kong’s prices have recently come down whilst Sydney’s have risen to a ratio of 14.7. Anything over 9.0 is considered ‘impossibly unaffordable’, with the Australian average at over 9.7.
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@IFM_Economist @grok fact check this. What’s the counterargument
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The ABS just reported that the value of the Australian housing stock was above $11 trillion, that's over four times annual GDP. Compared with the US at 1.6 times.
An enormous amount of capital devoted to a very low productivity asset. This is a handbrake on our economy.
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Change in house prices since September 2003 (thru to Mar 2021)
Sydney 114.7%
Melbourne 167.9%
Brisbane 109.0%
Adelaide 111.%
Perth 126.1%
Hobart 181.9%
Darwin 131.4%
Canberra 108.2%
8 cap cities 127.1%
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