Based on medians by statistical area 3 (Sa3), we rank the least and most affordable markets across Australia. We know that across the world and throughout Australia, house prices have risen at a much higher rate than incomes.
In a study created by Demographia, they rated a city’s affordability is calculated by taking its median housing price and dividing it by the median household income. Using the same approach for an Sa3, we found out of 287 out of 332 markets rated as severely unaffordable.
Moderately Unaffordable: 3.1 to 4.0
Seriously Unaffordable: 4.1 to 5.0
Severely Unaffordable: 5.1+
Top 10 Least Affordable Areas
- Eastern Suburbs – South (26.3)
- North Sydney – Mosman (25.7)
- Chatswood – Lane Cove (24.4)
- Eastern Suburbs – North (24)
- Manly (23.4)
- Canada Bay (22.8)
- Strathfield – Burwood – Ashfield (22.6)
- Ryde – Hunters Hill (22.5)
- Dural – Wisemans Ferry (20.1)
- Warringah (20)