This article is from the Australian Property Journal archive
COSTING an average of $712,474, Canberra’s houses are the seventh most expensive of any national capital city in the world.
According to analysis of 73 global capital cities by NetCredit, there are only six capitals more expensive to live in around the world than Canberra.
The report looked at more than 800,000 online property listings to calculate the median house price for global capitals in total and per sqm, against the average monthly net salary of the cities to determine affordability.
Globally, the city-state of Monaco was found to have the most expensive homes in the world, at average of $4,475,000, while also ranking first for most expensive per sqm at $52,000/sqm.
Monaco also ranked third for worst affordability, with the average home costing 71.9 times the average annual salary.
This compared to Cuba’s capital Havana, which has the least expensive homes on average at $40,569 and least expensive per sqm at $234/sqm.
Tehran in Iran has the worst affordability, with the average home costing buyers 158.4 times the average yearly salary in the capital.
This compared to Pretoria in South Africa, which boasts the best affordability with hones on average costing 4.7 times the average salary. Pretoria also ranked fourth for least expensive per sqm at $568/sqm.
While Singapore and Seoul take second and third place for most expensive per sqm, at $15,009/sqm and $11,244/sqm respectively, Canberra is pushed out of the top ten in this metric.
Canberra doesn’t make the expensive capitals per sqm, as our national capital’s sky-high prices can be attributed to the expansive size of homes in the first place, coming in at just $928/sqm.
Likewise Canberra’s prices are relatively in-line with the city’s average salaries when compared the much of the most expensive capitals, at 13.8 times the average salary.
