Which are the most expensive cities in the World for apartments? HOW do the Australian cities compare?
As can clearly be seen, contrary to some media reports, Australian apartments on a global scale are very affordable. However, each Australian city is on a different property cycle. Explore the rest of this site to see the cycle of the major cities of Australia. There is clearly plenty of upside potential!
World-wide, housing tends to be expensive in cities with populations of over 1 million, and a higher proportion of Australians live in such cities than anywhere else except Hong Kong and Singapore;
Because Australian cities cover very large areas but their outer suburbs are often poorly serviced by roads and public transport, Australians have increasingly chosen to spend a higher proportion of their incomes on housing so as to spend a smaller proportion of their time commuting;
Australians tend to live in larger houses or apartments than people in most other countries, something not captured in international comparisons;
Australians are now among the world’s highest income-earners on average and can thus afford to live in more expensive housing;
Unlike the US, Spain or Ireland, but like the UK, Australia has a long-standing physical shortage of housing, relative to the “underlying” demand for it; and
Australia’s tax system plays an unusual role in encouraging individual investment in residential real estate, which serves to encourage property buying.
*Notes source: Merrill Lynch Australia