HOUSES IN MELBOURNE ARE NOW LESS AFFORDABLE THAN SYDNEY.
In the traditional rivalry between Melbourne and Sydney, the harbour city has long held the dubious distinction of being the most unaffordable place to find a home. But not any more.
New research from analysts Residex shows that Melburnians now spend more of their income to buy a home than anywhere else in the country.
Comparing median house values to the average household weekly earnings in both cities, Residex found Melburnians now devote 65.49 per cent of their takehome pay to mortgage repayments compared to 64.44 per cent for Sydneysiders.