A lot of Greeks have escaped the debt crisis in the hope of a better life in Australia, however the recent results of the 15th Annual Demographia International Housing Affordability Survey might leave them questioning their decision.

According to the survey, Sydney was named as the third most expensive city and Melbourne was the fourth most expensive city in housing affordability. Someone who wants to attempt to purchase a house needs almost ten times the annual income of a single house hold. The results of this survey, which is considered a trustworthy source by some of the most distinguished organisations worldwide (such as the United Nations and the World Bank) are taken from 309 markets of eight nations, including Australia.

The study found that a median house price in a liberally regulated market is considered to be three times that of a median household income, yet a lot of the markets have gone beyond these prices. All of the Australian markets that participated in the survey were ranked in the “extremely not affordable” category, with the purchase of a house seeming more like a pipe dream for people living in those cities.

In Melbourne, more specifically, the median price of real estate has skyrocketed to almost ten times the annual income of a household. On a more positive note, stability has been noted however this has not been sufficient for houses to have become more affordable.

CLICK HERE to read the study.