- Property prices in Sydney are rising faster than anywhere except Toronto
- Median home cost jumped 18.4 per cent in the past year, new analysis shows
- It was double Tokyo and Los Angeles and triple London and is now $850,000
- Prices doubled since 2009 and are second most unaffordable in the world
Sydney's property boom is so out of control prices are rising faster than all but one other city in the world, new data shows.
The median home price jumped a staggering 18.4 per cent over the past year - which is double the amount prices rose in Tokyo and Los Angeles and triple the amount in London.
Only Toronto, Canada's biggest city, saw a bigger bump and was only marginally higher than Sydney's growth rate at 19 per cent.
Sydney's property boom is so out of control prices are rising faster than all but one other city in the world, jumping a staggering 18.4 per cent over the past year
This decrepit three-bedroom townhouse in Sydney's Glebe sold for more than $1.2 million - more than than $1.1 million average
At 12.2 times the average annual wage Sydney is more unaffordbale than Toronto, and saw the city ranked second to Hong Kong in the world's least affordable cities in January
Only Toronto (pictured), Canada's biggest city, saw a bigger bump and was only marginally higher than Sydney's growth rate at 19 per cent.
The CoreLogic analysis compiled for the Daily Telegraph follows other damning metrics showing how increasingly unaffordable it is to buy property in the city.
The median house price now stands at $1.1 million, dropping to $850,000 when units were included, having doubled since 2009.
At 12.2 times the average annual wage it is more unaffordbale than Toronto, and saw Sydney ranked second to Hong Kong in the world's least affordable cities in January.
Sydney's median house price would buy this luxury five-bedroom home in Brisbane complete with a heated saltwater pool - and still have more than $200,000 left over
This Adelaide home has four bedrooms, two bathrooms, and parking spaces for four cars and costs less than $1.3 million
Sydney's market is so overpriced, more than 200 people lined the streets in 35C heat to inspect a rental property in Stanmore earlier this year
The rate of increase means average house prices are rising at $222 a day and more than $1,000 in the most desirable suburbs.
A Sydney flat cost only $30,000 more on average than Melbourne in 2012, but since then the gulf blew out to $206,000 - costing $650,000 to $750,000.
Geographic constraints and planning policies making it difficult to release new housing, leading to a decade-long shortage, were blamed.
Foreign investment was another big price driver, along with a large number of immigrants creating new demand for housing.
But the market has gotten so out of control even foreign investors were balking at buying in Sydney and turning their attention to other cities.
'Investors from America and especially from Europe are seeing how high the prices are and rethinking their decision to purchase,' Cohen and Handler buyer’s agent Ben Handler told the newspaper.
'The only investors who don’t seem mindful of the high prices are from China.'
Foreign investment was a big price driver, along with a large number of immigrants creating new demand for housing
A Sydney flat cost only $30,000 more on average than Melbourne in 2012, but since then the gulf blew out to $206,000 - costing $650,000 to $750,000