By, Elizabeth Tilley. IT IS cheaper to buy a home in New York than it is in Brisbane, according to a new global study that ranks every one of Australia’s major housing markets as ‘severely unaffordable’. International housing affordability think tank Demographia has released its 14th survey on house prices, revealing Sydney has the second most expensive housing market in the world after Hong Kong. The survey found Australia has the highest number of severely unaffordable housing markets, with homes in five of its major cities and 15 other housing markets costing more than five times the annual median household income. In Sydney, a home costs on average 12.9 times the median income. Melbourne, Sunshine Coast, Gold Coast, Geelong, Adelaide, Brisbane, Hobart, Perth, Cairns and Canberra are all near the top of the list. Read More Here