The 2024 Demographia International Housing Affordability report has been released and Adelaide has been included in the short list of most expensive cities around the globe.
Australia saw multiple major entrants in the 10 most expensive cities list, which is calculated based on a ratio of median house price to median household income called a median multiple. Adelaide landed in joint-eighth place with San Francisco of all cities globally. Australia was reported at a 66% home ownership rate.
Sydney and Melbourne were also on the list in second and seventh place, respectively. Brisbane also sits in equal 12th place, with Perth in equal 15th.
The median multiple is a housing affordability measure that compares the median house price to the median household income in a city. This ratio is the key indicator used by Demographia International Housing Affordability to document the development in housing affordability over multiple decades.
Adelaide is no stranger to top-ranking lists, though, scoring 11th place in most liveable cities midway through 2024 and Australia’s most liveable city in 2021. In 2024 edition of The Economist’s Global Liveability Index, Adelaide secured its 11th spot as best place to live in the world out of 173 cities globally, ahead of other Aussie cities like Perth (15th) and Brisbane (16th).
Adelaide was given a median multiple of 9.7, which was categorised as “impossibly unaffordable.” The categories were affordable, moderately unaffordable, seriously unaffordable, severely unaffordable, and impossibly unaffordable.
The full top-ten list of most expensive cities around the world for property (and their median multiple) is as follows:
- Hong Kong, China – 16.7
- Sydney – 13.8
- Vancouver, Canada – 12.3
- San Jose, USA – 11.9
- Los Angeles, USA – 10.9
- Honolulu, USA – 10.5
- Melbourne – 9.8
- Adelaide/San Francisco, USA – 9.7
- San Diego, USA – 9.5
- Toronto, Canada – 9.3
For the full report visit: https://www.demographia.com/dhi.pdf
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