Sydney prices glimmer out of reach

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With a median house price of $627,500, Sydney house prices are not only significantly higher than the rest of Australia – they’re higher than just about every city in the world, according to multiple reports.

RP Data February figures show that Sydney’s median house price is a good $77,000 more expensive than the Australian market with the second most expensive housing – Canberra – and close to $140,000 more expensive than Melbourne.

This comes after the Economist Intelligence Unit ranked the city third in its 2013 list of the most expensive cities worldwide. The only cities deemed more expensive were Osaka and Tokyo in Japan.

The study looked at multiple measures of cost of living, including property prices, to arrive at its results.

Another report by Demographia ranked Sydney property prices the third most unaffordable after only Hong Kong and Vancouver in its International Housing Affordability Survey, a study of 337 major cities around the world.

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