The 2023 Demographia International Housing Affordability Survey has been released and, once again, it ranks Australia as having one of the most expensive housing markets in the world.
This year’s report assesses 94 major markets (metropolitan areas) in eight nations for the third quarter of 2022. The nations assessed are: Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, United Kingdom, and the United States.
The survey employs the “Median Multiple” (median house price divided by gross annual median household income) to rate middle-income housing affordability. This measure is widely used for evaluating urban markets, and has been recommended by, amongst others, the World Bank and the United Nations, and is used by the Harvard University Joint Center on Housing.
