Five Australian cities ranked among world’s most expensive housing markets

It may come as little consolation for house hunters but Sydney has lost its seven year grip on the title of world’s second least affordable housing market.

The Harbour City’s current housing slump, which has pushed values down by about 9 per cent over the past year, meant it slipped to third spot on urban consultancy firm Demographia’s annual global ranking of world cities.

The cities deemed less affordable than Sydney were Hong Kong and Vancouver, both of which have major land supply problems.

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