Sydney, Australia has been classified as the third most expensive housing market in the world. The Ozzies came in behind Vancouver Canada and Hong Kong China. The location does offer prime real estate as weather is never at the extremes. What you end up paying for is the weather in Australia.

The last time Australia’s housing markets were classified affordable was back in the 1980s with no affordable locations found this time among the 39 chosen Australian locations.

Even regional locations were dubbed as unaffordable including Port Macquarie, Coffs Harbour, the Sunshine Coast, Shepparton and Mildura, according to the US-based property forum.

The ninth annual survey by Demographia's Wendell Cox places Sydney as the third most expensive major housing market in the world - with a median multiple of 8.3 topped by Vancouver in Canada at a multiple of 9.5, and, most expensive, Hong Kong where the multiple sits at 13.5.

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