You have to spend $500,000 to get anything half decent in Sydney and then 30years paying it off.
www.news.com.au…
The least affordable place to live in the world is Los Angeles, but because Australia has the most cities – 18 – in the top 50, it is the least affordable nation for housing.
“There are no affordable markets in Australia and there are no moderately unaffordable markets. Twenty-five of the 28markets are rated severely unaffordable.
“On average, Australian families are forced to spend 6.1 times their entire household income to buy a typical home compared to 3.1 times in Canada and 3.6times in the US, and that’s before interest charges.
What worries me the most is that we may be due for a correction in the market in the near future and a lot of people and banks will lose a lot of money.
