Sydney homes the second most expensive in the world
An international housing affordability survey has found Sydney house prices are the second highest in the world, with Hong Kong taking the top spot.
House prices in Sydney are reportedly 13 times higher than the median household income.
Martin North, market analyst from Digital Financial Analytics, tells Ben Fordham house prices are impossibly high but they won’t last forever.
“It can’t go on forever. I think things are going to change.
“It’s going to be an uncomfortable ride for those people with property and those who want to get into the market still have a long way to go.”
Mr North says the high prices are due to property being valued as a place to invest rather than as a place to live.
“We’ve come to see property as a financial asset rather than [somewhere] to live.”
Click PLAY below for the full interview