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Housing Bubble Pops in Sydney & Melbourne, Australia
In Sydney, breeding ground for one of the world’s biggest housing bubbles, prices of single-family houses dropped 7.3% in August, compared to a year earlier. Prices of “units” — condos in US lingo — fell 2.2% year-over-year. Price declines were the sharpest at the high end, with prices down 8.1% in the most expensive quarter of home sales. Prices of all types of homes combined fell 5.6%, according to CoreLogic’s Daily Home Value Index. The index is down 5.8% from its peak last September: Melbourne, where the inflection point has been lagging a few months behind Sydney’s, is in the process of catching ... (full story)
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...because you never know - until you do!