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I think big cities have diverged from the country average globally and the impact on country average metrics then depends on the degree of urbanization. Accord
by fulafel 5y ago
I think big cities have diverged from the country average globally and the impact on country average metrics then depends on the degree of urbanization.
According to https://en.wikipedia.org/wiki/Urbanization_by_country https://en.wikipedia.org/wiki/Urbanization_by_country the urbanization rate in AU is ~2x the US, so people are moving to cities at a much bigger rate? Even in the face of the high prices.
But yep I still see what you mean, on the country-averages level the AU prices seem to have been constantly rising faster in AU than US.
- ceejayoz 5y agoThe median home price in Melbourne is nearly $1M as well; between the two cities, that's about 40% of the population of Australia that needs a million bucks to own a house.