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Of the 6 countries surveyed – Australia has the worst housing affordability with 24 of its 27 major urban markets severely unaffordable.
Of the 265 urban markets surveyed by Demographia, the Sunshine Coast in Queensland has the most severely unaffordable housing within the English speaking world, with housing prices 9.6 times household earnings – above that of Honolulu at 9.1 times, the Gold Coast, Queensland 8.7, Vancouver, Canada 8.4, Sydney Australia 8.3, San Francisco 8.0, Los Angeles 7.2, New York 7.0 and London, United Kingdom at 6.9 annual household earnings. Read the rest »
2009 5th Annual Demographia International Housing Affordability Survey
Dr. Shlomo Angel, of Princeton University and New York University, one of the world’s leading experts in urban planning writes in the preface to this 5th Annual Demographia International Housing Affordability Survey states that …the current efforts to contain the pace of the outward expansion of cities for one reason or another are, at the very least, open to serious question.
Referring to land use regulation, The more stringent the restrictions, the less is the housing market able to respond to increased demand, and the more likely house prices are to increase. And when residential land is very difficult to come by, housing becomes unaffordable. Read the rest »
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