The only places more expensive to live than some of Australia’s biggest cities are Hong Kong and Vancouver according to a global ranking system.

Sydney ranked third and Melbourne fourth compared to 309 housing markets across eight countries in the annual Demographia international housing affordability survey.

Hong Kong topped the list followed by Vancouver, Sydney, Melbourne, Taraunga-Western Bay of Plenty (New Zealand), Los Angeles, Toronto, Auckland, San Jose and five cities tied for 14th place including the Sunshine Coast.

Other Australian regions to make top 50 on the list were Gold Coast 18th, Geelong 24th, Hobart 31st, Adelaide 34th, Fraser Coast 41st, Canberra and Brisbane together at 44th, Perth and Ballarat 49th.

There was only one affordable market in Australia which was Gladstone placing 281st or 29th most affordable city.