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Real estate prices are rising rapidly in Australia. A Demogrpahia think tank survey on housing affordability for 2015 shows home prices as a multiple of annual income, with Sydney at 9.8, Melbourne at 8.7 and Wollongong near Sydney at 7.5, compared to London at 8.5 and New York at 6.1. Household debt as a percentage of annual income is climbing in Australia since 2009, whereas it dropped sharply in the UK and the U.S. In Australia this is close to 200%, UK little below 150% and U.S. little above 100%.
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