Real estate prices in Australia are surging. But experts say Seoul's housing market makes Australia's look tame

If the rate of Australian home price rises is bringing a tear to your eye, you are unlikely to find much sympathy from South Koreans trying to buy in their country's capital. Key points: Seoul apartment prices rose 22 per cent in 2020 It takes the average Korean household 14 years of income to buy a Seoul apartment A land speculation scandal involving senior government officials has outraged Seoul residents Seoul's property market is on a tear. Park Jong-hui, Oh Hye-jin and their son Park-jay were forced to buy outside Seoul because house prices closer to the CBD were out of their price range. Seoul's real estate market by the numbers The average Seoul apartment will currently cost you about $1.3 million In comparison, the median price for a unit in Sydney is about $755,000 The average house price in Australia is $624,997 Seoul suburb Gangnam has the highest prices, with apartments averaging about $1.65 million The most expensive apartment complex in Korea is Seoul's Hannam THE HILL, home to K-pop band BTS, where units cost up to $8.5 million Even as the global pandemic hurt the economy and imperilled jobs, demand was outstripping supply and they kept being outbid for every place they were interested in. Seoul, which is home to about 9.7 million people, experienced a 22 per cent rise in house prices in 2020.