A survey of the median house prices around the world has revealed Auckland to be among the five least affordable cities to buy a house. The annual Demographia survey, released today, compares prices to incomes in 367 cities. Auckland is one of the worst in the world due to extremely high house prices coupled with moderate wages.
These properties show what the median price for houses gets a buyer in the local market.
Auckland, New Zealand - median price $748,700
This Glendene property is being sold for $750,000 just over the median price for Auckland. The three-bedroom home sits on a 1000 square metre site and has had one owner since 1960s.
Sydney, Australia - median price $1 million
For a little above the median price in Sydney you could own this two-bedroom apartment within walking distance of Darling Harbour. The "beautifully maintained" apartment is 78 square metres and has one bathroom and one parking spot. The body corporate fees are over $2250 per quarter and the realtor is asking for offered over $1.05 million
Vancouver, Canada - median price $756,200
This one-bedroom apartment is on the marina in Vancouver and will set the buyer back $750,000. It is just 71 square metres big and features "water views from nearly every room". The apartment has one bathroom and is in "immaculate condition".
Hong Kong - median price $5.5 million
Affordable houses are nowhere to be found in Hong Kong, where the median price for a home is 19 times the median income. This 82 square metre apartment will set the buyer back $5.7 million. The apartment has three bedrooms, two bathrooms and a combined living and dining area. The realtor says the property is "an ideal investment property with great renovation potential." I guess that means it's a "do-up".
San Jose, California - median price $965,000
The median house price in San Jose, near California's booming Silicon Valley, will get you a duplex. This 550 square metre property has two three-bedroom, one bathroom properties with a two-car garage. The 1950s duplex is close to a local university.
Bournemouth & Dorset, England - median price £258,000
This three-bedroom semi-detached house in Bournemouth is selling for just below the median price for the English city. It is on a "good-sized plot with good frontage" and has two bathrooms.
San Francisco, California - median price $809,400
The median house price in San Francisco can get a buyer a one-bedroom, one bathroom remodeled Edwardian home. The property features "soaring ceilings including barrel and bay windows", an office nook and in-unit laundry.
The most affordable houses in the world are found in United States cities, including Buffalo, New York, Cincinnati, Ohio and Cleveland Ohio.
Buffalo, New York - median price $136,800
The median house price in Buffalo, New York, will get a buyer this "charming" four-bedroom home. The property is 364 square metres and is in a great neighbourhood, according to the realtor. The house has two bathrooms and a fully-fenced yard with an above ground pool. The asking price is just below the median price in the city at $135,500.
Pittsburgh, Pennsylvania - median price $148,000
This massive Victorian home may look a bit spooky, but is what the median house price can get a buyer in the Pennsylvania city. It has seven bedrooms and five bathrooms and the realtor says its "ready for somebody to bring it back to its grandeur". The house has all original flooring and woodwork and a large wrap around porch.
Columbus, Ohio - median price $170,800
This 148 square metre house sits on a half acre site and is being sold for $174,00, a little above the median price for the Ohio city. It has three bedrooms and three bathrooms and was built in the 1960s. The property features all updated appliances and a fireplace.
House price/household income comparison (ranked from cheapest to most expensive in the world)