Sydney has been named as the second most expensive city in the world and "severely unaffordable" when it comes to the cost of housing, the only place more expensive is Hong Kong.

According to the study undertaken by Demographia, Sydney ranked above other global cities traditionally associated with expensive real estate such as Los Angeles, London, San Francisco and New York. Melbourne came in at six in the study, while Adelaide, Brisbane and Perth were all ranked in the top 20 most…