Sydney`s median house price is US $537891 (A $749981), ranking 13th in the world with. (Domain Photo)
According to a new survey, Hong Kong remains the world`s most expensive city, while declines in Australia and the United States have pushed European cities into the top 10, according to Domain.
House prices in New York, Los Angeles, Toronto and Vancouver have fallen in the global rankings, with European cities among the top 10, according to (Global Living Report), a global living report by (CBRE), a commercial real estate services firm.
Hong Kong remains the world`s most expensive city, averaging US $1235220 (A $1722267). Also in the top four are Singapore, Shanghai and Vancouver, where house prices have not changed year-on-year.
Sydney ranked 13th with an average house price of US $537891 (A $749981), rising 5.4 percent a year, and ranked 11th in the world in the luxury market at an average price of US $900966 (A $1256217).
Melbourne`s average house price is US $433336 (A $604200), ranking 15th in the world. The city`s house prices have risen 4.5% over the past year. The average house price in Melbourne`s luxury market is US $578362 (A $806410), ranking 16th in the world.
Sydney and Melbourne ranked the world`s top year-on-year home price growth in last year`s report, but this year`s performance has weakened.
(Craig Godber), Sydney, deputy director of housing research at CBE, has seen a boom in the housing market in recent years. Property prices in the city have soared 60 to 80 percent over the past four to five years, driven by greater demand from overseas buyers. The decline in the rankings is not surprising, with major factors including the housing boom with some price revisions; tighter lending policies for buyers and developers; and weaker demand for foreign buyers.
Melbourne, supported by strong economic and population growth, has also experienced a boom in the housing market. But thanks to similar factors as Sydney, the city is now also in a correction cycle.
In addition, among the top 10 most expensive cities in the world, China`s cities in addition to Shanghai, Shenzhen and Beijing, ranked fifth and ninth respectively, with average house prices of $680283 and $629276, respectively.
Here are the top ten most expensive cities in the world:
Hong Kong
Singapore
Shanghai
Vancouver
[地名] [中国] Shenzhen
Los Angeles
New York
London
Beijing
Paris （法国首都）
