Australia only 58th most affordable country

Australia has been ranked only the 58th most affordable place to live in the world behind countries including Oman and Saudi Arabia.

Removalist company Assured Removals said the South American country Suriname was rated the most affordable place to live, based on comparison of the average house price against the average income of its residents.

The company’s survey identified property markets in Barbados and China as overpriced – but the USA was rated as a bargain.

The UK and Australia came in at 44th and 58th respectively as the world’s most affordable places to buy a house.

In Australia, the average house price is now $669,700, with the median cost of a home in Sydney reaching $1.2 million.

The least affordable place to buy a house was Papua New Guinea, where property is even more expensive than New York’s Manhattan.

This was because 97 per cent of land in Papua New Guinea is held under customary title, leading to sky-high prices for the remaining three per cent.

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