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New international data show that only two other developed countries have historically higher house prices than Australia.
Australia’s price-to-income ratio is 31.7 per cent above the long-term average, according to the International Monetary Fund.
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Belgium is 49.5 per cent above average, while Canada is 33.2 per cent above average.
Australia’s price-to-rent ratio is also 54.9 per cent above the historical average, which places it fifth in the world.
Canada leads the way with 86.8 per cent, followed by New Zealand on 80 per cent, Norway on 66.5 per cent and Belgium on 59.9 per cent.
Australia also ranked 11th on a list of 52 developed and developing countries when it came to house price growth over the past 12 months.
The top five were the Philippines, Hong Kong, New Zealand, China and Colombia.
They were followed by Estonia, Brazil, Malaysia, Turkey and the US.
