How Australia's housing market compares to the rest of the world

Less than two-thirds of Australians own their home outright or with a mortgage, according to a new report from AMP.

"High global home ownership rates indicate that it's an aspiration of most people to own their own property." "Sydney ranks among some of the most expensive cities in the world ," Mousina wrote."The problem for Australia is that 48 per cent of the population reside in just three capital cities which arguably makes the affordability problem worse in Australia, because there are less affordable markets to pick from."AMP says more homes need to be built, and Australia's tax system should be reviewed to improve for housing affordability to improve.

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