Great post from Gareth Brown today proving my point that I've said time and time again about why Australians pay over the odds for property and until its cool for people in Sydney to live in Orange/Nowra/Forster (yes that means moving folks.....not just continually talking/complaining about it) then you will continue to pay over the odds for the cost of living in a fantastic city that is Sydney.....
Until Australia grows up and decides it wants to be a country with more than 2 big cities and 5 country towns its always going to be an expensive place to live.
It says the ‘urban population’ of Australia, living in cities of greater than 100,000 people, is a little north of 75%. This is clearly constructed using the entire metropolitan area of each city greater than 100,000. A quick gander at Wikipedia suggests that if we add up the entire metro population of each city from Sydney, population 4.8 million, down to number 16, Toowoomba, the smallest with a population greater than 100,000, about 17.9 million people live in these ‘urban’ areas. That’s about 77% of Australia’s population of 23.13m, according to Wikipedia.
Now let’s look at the US. Here, according to the data provide by RBA, the population of cities greater than 100,000 people is less than 30% of the nation’s total.
If we take the list of US cities by population from Wikipedia, there’s 297 cities with a population greater than 100,000, and the total comes to 90.5 million, or 28.4% of the total US population.