Dear loyal readers, I hereby present to you exhibit ‘w’ proof that Australian housing prices are ridiculous.

For those who have never been out of Australia it may be difficult to believe but there are other places out there where the humble dollar travels a shite load further.

Take the United States for example. (In case you weren’t sure the USA is the biggest nominal economy in the world)

This joint has more money per capita than your have had hot breakfasts. Yet with more people to share their land, they are somehow purchasing property at far far cheaper values than you are afforded.

Example 1
Combined figures from Residex and Australian Property Monitors show the median cost of a Darwin house is $549,035. This is Darwin for goodness sake!! A two-bedroom, free-standing house in the New York City metropolitan area (not including Manhattan) is about $80,000 less.

How can this be in all seriousness?

Example 2
London, where the median price for a two to three-bedroom house is $462,000 is some $90,000 cheaper than Darwin.

Nothing against Darwin but if you pooled 100,000 people from New York and London and told them that their new home would be need to be purchased in Darwin at significant premium ($85,000 odd) to that which they can achieve at home they would laugh in your face. They would laugh in your face and fly home.

Yet we have a nation full of consumers willing to pay over inflated prices without any thought to the outside world where evidence shows they are paying through the nose. If you think this is sustainable more power to you.