Australia's Housing Crisis: Sydney is the Least Affordable City in the World

Australia's Housing Crisis Deepens: Sydney Crowned Least Affordable City Globally SYDNEY, AUSTRALIA – June 10, 2025 – A new report from Demographia has revealed a stark reality for Australians: Sydney is now the least affordable major city in the world. The median house price in Sydney has reached a staggering $1.2 million, a figure that dwarfs the median income in New South Wales by a factor of 14.7. This alarming statistic is just one piece of a larger puzzle. Across Australia, housing affordability has deteriorated significantly over the past decade. A graph presented in the accompanying ABC News Australia video shows that in most cities, house prices have increased far more rapidly than incomes. "Having the most expensive housing in the world can't go on," states Alan Kohler, a financial journalist featured in the video. The situation is particularly dire in Adelaide, where housing costs have risen three times as much as incomes. The video also highlights the challenges faced by everyday Australians trying to save for a deposit. One unnamed individual in the video laments that saving for a deposit has gone from "hard to impossible." This sentiment reflects the widespread struggle many Australians face in navigating an increasingly unaffordable housing market. The video concludes with a sense of urgency, underscoring the need for solutions to address this growing crisis.