The powerful real estate agents behind US reality show Million Dollar Listing: Los Angeles have expressed shock at Australian property prices and wondered how “everyone can afford to live”.
Brothers Josh and Matt Altman landed in Sydney this week to attend an exclusive real estate conference and speaking tour, and they appeared on Friday’s Morning Show to talk about their time in the country.
Speaking to hosts Larry Emdur and Kylie Gillies, the siblings said the “astronomical” prices in Sydney prompted them to buy more property in LA.
Million Dollar Listing stars Josh and Matt Altman said during an appearance on Channel Seven’s Morning Show on Friday that Sydney property prices are “astronomical”.
Josh said: “One thing I’ve been amazed at just in your short time here is how expensive Australian real estate is.
“I just want to know how everyone can afford these types of houses. You are astronomical!’
He added, “Prices make me feel good about real estate in Los Angeles. I want to buy again now.’
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 mortgages for 500 years before Josh and Larry explained that they loved Australians’ interest in property very much.
“We drove around the water yesterday to look at some real estate because obviously we’re obsessed with real estate no matter what country we’re in,” Josh said.
“We need to look at cool houses and good real estate. Australians are just as obsessed as we are about what I love. And you guys have great properties, but the prices are…” he added before trailing off.
The brothers are partners in US firm The Altman Team and have property sales worth an estimated US$5 billion (AUD$7.4 billion). Pictured is Josh
The brothers are partners in US firm The Altman Team and have property sales worth an estimated US$5 billion (AUD$7.4 billion).
Matt and Josh will be guests in Melbourne next week on September 12th.
They will also speak at Glenn Twiddle’s Million Dollar Agent real estate summit in Brisbane.
Also attending the talks is Million Dollar Listings Los Angeles co-star Josh Flagg.
The show, now in its 14th season, airs on the Bravo cable network in the US and is available to stream on Hayu in Australia.
A house in Turramurra, Sydney. Sydney is now the second cheapest city in the world to buy a house in
Sydney is the second most difficult city in the world to buy a home and Melbourne is the fifth worst due to high demand caused by low interest rates and dangerous borrowing.
All five mainland Australian capitals are among the 20 most expensive in the world for housing, with Adelaide at 14th, Brisbane at 17th and Perth at 20th, according to the Demographia International Housing Affordability Survey.
Four of the five cheapest cities to buy real estate are in the United States
It takes first-time home buyers in Australia more than 10 years just to save up a 20 per cent down payment to own a home, underscoring declining housing affordability.
A recent March ANZ CoreLogic Housing Affordability report estimated that, assuming households save 15 percent of their gross annual income, it would take a record-breaking 10.8 years to save a deposit on a home and nine years for a unit.
“All five of Australia’s major housing markets have been absolutely unaffordable since the early 2000s,” states the report.
The five most expensive and cheapest real estate prices in the world
The most expensive cities in the world to climb 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, United Stateswith a debt-to-income ratio of 12.6
5 Melbourne, Australiawith a debt-to-income ratio of 12.1
Cheapest Cities in the World to Climb the Real Estate Ladder:
1 Pittsburgh, United Stateswith a debt-to-income ratio of 2.7
= 2 Oklahoma City, United Stateswith 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: | Dailymail.co.uk
https://www.soundhealthandlastingwealth.com/celebrity/million-dollar-listing-stars-shocked-by-astronomical-price-of-australian-real-estate/ Stars of the million dollar list SHOCKED by the ‘astronomical’ price of Australian property