Tom Elliott lists some reasons why housing prices are so expensive in Australia

Tom Elliott has listed some reasons as to why housing prices are so expensive in Australia.

High immigration and impact of negative gearing are a couple of the reasons the housing market has skyrocketed according to the 3AW Drive host.

Press PLAY to hear his take on the expensive housing market

It comes after the Demographia International Housing Affordability report ranked Melbourne as the eighth most unaffordable city in the world.

The report found Melbourne’s average house price was 9.9 times higher than the average household income in 2022’s September quarter.

It ranks Melbourne as more unaffordable than big cities such as New York, Singapore and London.

Sydney also ranked second for unaffordable cities around the world, only behind Hong Kong.