Homes in Australia are among the most expensive homes among English- speaking countries, while homes in the United States are among the most inexpensive relative to income, according to a recent survey. According to a consulting firm, Demographia from Belleville, Illinois, homes in Australia cost about 6.1 times from its annual median home income.
While, homes in the U.S is only were the most affordable with about 3 times its median incomes.
And, the most expensive homes are in Hong Kong, were homes costs about 11.4 times its annual income.
According to the report, Australia has gone from the model of modesty priced and high- quality housing, to having the most expensive homes in the English- speaking housing market.
Each of the market having the most expensive homes said to have more restrictive regulations for land use, which is considered one of the major factors of increasing land price that leads to unaffordable housing and most expensive homes.
Data form the National Association of Realtors reports that median prices home in the U.S is only $168,800, compared to a real estate research data in Australia showing its median home prices of A$460,000 or US$454,000 for the month of October.
While both the housing markets in Australia and Hong Kong are increasing their economic growth opportunities from China, the U.S economy is still struggling nearly 10 percent unemployment increase and high- foreclosure rates.
Hong Kong has the most expensive homes because its median home prices climbed for the last 24 months to about 50 percent and low interest rates.