Sydney Property Is Tumbling. Don’t Expect the Central Bank to Help

From bloombergquint.com

Sydney house prices are tanking. In Australia’s most populous city, values have fallen 10.1 percent -- even further than declines in the late 1980s when the country was on the cusp of its last recession. They’ve had a good run: Sydney was the epicenter of a national property boom that saw the average price of a home in the city soar past A$1 million ($720,000). Now, as tighter lending standards kick in and nervous buyers sit on the sidelines, the consensus is that values still have much further to fall. 1. Are people getting worried? Not just yet. For most Sydney homeowners, the downturn feels more like a ... (full story)