In the world's most liveable cities, few can afford to buy a home

Sydney

HOME ownership among young Australians has fallen to the lowest level on record, as an explosive property boom squeezes out all but the wealthiest.

Super-charged by record low interest rates, a lack of supply and a tax system that favours property investors, home prices have surged more than 140 per cent in the past 15 years, propelling Sydney past London and New York to rank as the world's second-most expensive housing market.