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Sydney Homes Costing More Than New York Spurs RBA Review
To see why Australia’s central bank has shifted its stance on home-lending curbs, look no further than Sydney’s inner city where a one-bedroom apartment sold at the weekend for 35 percent more than its last price in 2012. The 54-square-meter (581-square-foot) property in Surry Hills was purchased by an investor for A$647,000 ($565,931), said Con Fotaras, a sales consultant at Belle Property Surry Hills who brokered the transaction. “It’s really hard to put a price on a property at the moment,” he said of a Sydney market where the median home price is higher than in New York. Policy makers have taken a ... (full story)
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