Property: New York City vs Sydney

Sydney properties are officially more expensive than elite New York City (t is important to note that New York City is composed of five boroughs not just small Manhatten). Even though US markets and their companies are much larger than Australia, compare population of US with 320 million with Australia's small population of  23 million. Our companies are much smaller, our wealthy are far less wealthy compared to some of the the richest people in the world that live in New York City, yet even so New York City aggregate property prices are lower than aggregate Sydney prices. 

New York City - Median price $555,700:

http://files.zillowstatic.com/research/public/realestate/ZHVI.New%20York.394913.pdf

http://www.zillow.com/research/local-market-reports/

Sydney - Median house price $871,120, Median unit price $622,400:

http://www.corelogic.com.au/research/monthly-indices.html

http://www.propertyobserver.com.au/forward-planning/investment-strategy/market-trends/42324-sydney-s-median-house-price-passes-900-000-domain-group.html

New York City - Weekly wages $2,749 x 52 = $142,948/year. Yet note that in financial activity employment we have 354,200 people earning an average weekly wage of $9261 x 52 = $481,572/year:
http://www.bls.gov/regions/new-york-new-jersey/news-release/CountyEmploymentandWages_NewYorkCity.htm

Sydney - Weekly (person) wages $1492.30 x 52 = $77,599.60/year:

http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6302.0Nov%202014?OpenDocument

See also:

http://www.nytimes.com/2015/01/18/realestate/what-750000-buys-you-in-new-york-city.html
http://www.news.com.au/finance/real-estate/sydney-house-prices-worse-than-london-and-new-york/story-e6frfmd0-1225872983823'

Update  13/3/2016 - North American most expensive housing markets:
http://www.zerohedge.com/news/2016-03-12/north-americas-most-expensive-housing-markets