Cities worldwide are booming as people migrate in search of better job opportunities and education. That creates strong demand for housing, and in many popular cities, demand for affordable housing has been unmet for many years, leading to rising housing costs.

According to a report by the McKinsey Global Institute, a third of urban dwellers, or 1.6 billion people, could face challenges in finding acceptable housing by 2025. As reported by Demographia, a US-based consulting group, Australia’s cities rank among the planet’s least-affordable cities when comparing median home prices with median…