Australians waking up and tucking into a delicious brekkie of smashed avocado on sourdough this morning were greeted with some truly wonderful news.
Hooray, Sydney's median house price somehow went up10% in one year, to $1.1 million!
Sydney's median house price is now $1,123,991. MEDIAN.
According to property website Domain, Sydney's median house price ballooned in 2016, streaking ahead of other states.
If you're like, "lol Sydney", well that's right lol Sydney, because according to the data it's $300,000 more expensive than the next highest capital city, Melbourne.
Sydney's MEDIAN house price is now $1,123,991, Melbourne's is $795,447. This is insane. https://t.co/ag7trvGrTK
We're not done yet. Sit back down.
A new study has also found that Sydney's housing market is so bloody unaffordable, it's world beating. According to Demographia (a US-based group that admittedly has been criticised in the past for oversimplifying housing data) Sydney is the second most unaffordable city in the world, behind Hong Kong.
The report ranks the "median multiple", which is the median house price divided by the median household income, and would you look at that:
Sydney's median house price is more than 12 times your household income, with Melbourne finding its way to sixth on the list. Good. Great.
