Australia still has the most unaffordable housing markets in the world despite two years’ of stagnant or falling house prices, according to the latest Demographia International Housing Affordability Survey.

Ahead of New Zealand, United Kingdom, Ireland and Canada, Australia has the largest number of housing markets, including both Melbourne and Sydney, that are classified as ‘‘severely or seriously unaffordable,’’ the ninth annual survey of its kind reveals.

The survey shows Sydney is the third most expensive major housing market in the world with a median multiple of 8.3 followed by Vancouver in Canada with a multiple of 9.5, and, most expensive, Hong Kong where the multiple is 13.5.

Melbourne is ranked as the seventh most unaffordable major housing market with a multiple of 7.5 after London and San Francisco and San Jose in California.

The Demographia survey ranks the affordability of housing in the US, Canada, Britain, Australia, New Zealand, Ireland and Hong Kong by dividing the median house price with the median household gross annual income before tax.