Expensive Housing in NZ and Australia

How come Australia and NZ are in the position of having the most expensive housing, when calculated based on median household income?

Here is the original report with city rankings organised by country and some commentary:

“Over the past 30 to 40 years, in both Australia and New Zealand, land use regulators have increasingly strangled the land supply, creating artificial scarcities and driving land prices in to the stratosphere.”


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