Latest Breaking News & Hot Updates Around USA OR All Over World

Million Dollar Listing stars SHOCKED by ‘astronomical’ price of Australian real estate

0

Million Dollar Listing stars say they are shocked by the ‘astronomical’ price of Australian real estate

The powerful real estate agents behind the US reality show Million Dollar Listing: Los Angeles have revealed their shock at Australian real estate prices, wondering how ‘everyone can afford to live’.

Brothers Josh and Matt Altman landed in Sydney this week for an exclusive real estate conference and tour, and they appeared on The morning show on Friday to discuss their time in the country.

Speaking to hosts Larry Emdur and Kylie Gillies, the siblings said the “astronomical” prices in Sydney made them want to buy more real estate in LA.

Million Dollar Listing stars Josh and Matt Altman said Sydney property prices are ‘astronomical’ during an appearance on Channel Seven’s The Morning Show on Friday

Josh said, “One thing that has amazed me in your short time here is how expensive Australian real estate is.

“I just want to know how everyone can afford these kinds of houses. They are astronomical!’

He added: “The prices make me feel good about the real estate in Los Angeles. I’m looking to buy again now.’

Speaking to hosts Larry Emdur and Kylie Gillies, the siblings said Sydney prices 'made them grateful for LA real estate'

Speaking to hosts Larry Emdur and Kylie Gillies, the siblings said Sydney prices ‘made them grateful for LA real estate’

Host Larry joked that Australians can get “500 years of mortgages” before Josh and Larry explained that they loved the Aussies’ interest in real estate.

“We went out on the water yesterday to check out real estate because we’re clearly obsessed with real estate no matter what country we’re in,” Josh said.

“We need to start looking at cool houses and good real estate. Australians are just as obsessed as we are, which I love. And you have great real estate, but the prices are…” he added, before falling silent.

The brothers are partners in the American company The Altman Team and have a sales value of real estate estimated to be worth $5 billion (AU$7.4 billion).  Pictured is Josh

The brothers are partners in the American company The Altman Team and have a sales value of real estate estimated to be worth $5 billion (AU$7.4 billion). Pictured is Josh

The brothers are partners in the American company The Altman Team and have a sales value of real estate estimated to be worth $5 billion (AU$7.4 billion).

Matt and Josh will be guests in Melbourne next week on September 12.

They will also speak at Glenn Twiddle’s Million Dollar Agent Real Estate Summit in Brisbane.

Discussions will also include their Million Dollar Listings Los Angeles co-star Josh Flagg.

The show, now its 14th season, can be seen on the Bravo cable network in the US and can be streamed on Hayu in Australia.

A house in Turramurra, Sydney.  Sydney is now the second least affordable city in the world to buy a home

A house in Turramurra, Sydney. Sydney is now the second least affordable city in the world to buy a home

Sydney is the second most difficult city in the world to buy a home and Melbourne ranks fifth, due to high demand caused by low interest rates and dangerous loan levels.

All five mainland Australian state capitals are among the 20 most expensive for housing in the world, with Adelaide 14th, Brisbane 17th and Perth 20th, the demographics International research on housing affordability found.

Four of the five cheapest cities to buy real estate are in the US

First home buyers in Australia take more than 10 years to save a 20 percent down payment to own a home, underscoring the deterioration in housing affordability.

A recent ANZ CoreLogic The March Housing Affordability report estimates that based on households saving 15 percent of their gross annual income, it would take a record 10.8 years to make a down payment on a house and nine years for a unit.

All five major housing markets in Australia have been severely unaffordable since the early 2000s, the report said.

The top five most expensive and cheapest house prices in the world

Most Expensive Cities in the World to Get on the Real Estate Ladder:

1 Hong Kong, Chinawith a debt-to-income ratio of 23.2

2 Sydney, Australiawith a debt-to-income ratio of 15.3

3 Vancouver, Canadawith a debt-to-income ratio of 13.3

4 San Jose, USAwith a debt-to-income ratio of 12.6

5 Melbourne, Australiawith a debt/income ratio of 12.1

Cheapest cities in the world to get on the real estate ladder:

1 Pittsburgh, USAwith a debt-to-income ratio of 2.7

= 2 Oklahoma City, USAwith a debt-to-income ratio of 3.3

= 2 Rochester, USAwith a debt-to-income ratio of 3.3

= 4 St. Louis, USAwith a debt-to-income ratio of 3.6

= 4 Edmonton, Canadawith a debt-to-income ratio of 3.6

Source: demographics

Advertisement

Leave A Reply

Your email address will not be published.