What are the top 10 most expensive cities in the country?
That’s the question you might be asking when you think of the capital city of Australia, Sydney, which recently became the second city in the nation to reach $1.9 trillion.
With a population of over two million, Sydney has overtaken Melbourne as the most unaffordable city in Australia, according to a new report from Real Estate Institute of Australia (REIA).
The study, released today, ranked the most affordable cities in Australia.
While Melbourne ranked second on the list with a cost of $1,965 per square metre, Sydney is third with a $1;931 per square meter.
That means Sydney has a $16.6 billion cost of living gap between it and Melbourne.
The study found the average cost of housing in the city was $2,091 per square foot, with $3,000 per square cent more expensive than in Melbourne.
In comparison, the median house price in Sydney was $1 million, compared with $1M for Melbourne.
But it’s not just the cost of a house that’s expensive in Sydney.
The average house price is also higher in Sydney compared with Melbourne, with an average price of $5.5 million in Sydney and $3.9 million in Melbourne, the REIA report said.
It’s not the only place where Sydney has some of the most pricey housing.
In fact, in the same report, the city’s median house value was also the highest, at $1m.
In Melbourne, where the median price was $5 million, the average house value in the capital was $8.3 million.
The report found the most costly city to buy a house in Australia was Brisbane, with the average value at $2.5m.
But Sydney is the least expensive city to rent a house, at just $1 a square metre.
While some of these expensive cities have the best housing, the study also found the cheapest cities are also expensive.
It found the median cost of renting a property in Sydney is $1 per month, compared to $4 per month in Melbourne and $10 per month for Brisbane.
In total, Sydney had the second highest cost of buying and renting a house compared to any city in South Australia, and the highest cost for buying and selling a property, after Darwin.
But the most popular cities in South and Central Australia were in the Sunshine State, where home prices were highest at $3;4 million per square kilometre.
The study found that the average annual cost of rent for a Sydney dwelling was $13,500, compared of $10,000 for Melbourne and a median of $15,000 in Brisbane.
While Sydney’s median price per square metres was the highest in the region, Brisbane had the lowest.