Canada's Housing Bubble

January 30, 2010 bigpondnews.com

New figures show Sydney housing prices are becoming so unaffordable that more people have to rent.

The Great Australian dream is dying, according to property experts.

New figures show Sydney is becoming like New York with housing prices becoming so unaffordable that more people will rent rather than own their own home by the end of the decade.

The median price has hit a record $600,000 and could pass $700,000 this year.

Property Planning Australia CEO Mark Armstrong says the average Sydney property price will continue to grow.

'There is no doubt price growth in Sydney this year will exceed 2009 levels and we could see as much as 20 per cent growth,' he said.

It means the next generation of home-buyers will most likely raise children in units.

Economists say the only way to counter the problem is for the Government to release more land.