Pursuits
Sydney Home Prices Drop Most in 5 Years as Regulation Bites
- Values in Sydney fell 1.4% in November, first drop since May
- Home-price drop gives RBA room to cut rates, CoreLogic says
A residential apartment building stands in the suburb of Epping in Sydney.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Sydney home prices fell the most in five years in November as a regulatory crackdown forces banks to tighten lending and increase mortgage rates.
Dwelling values in Australia’s largest city dropped 1.4 percent from a month earlier, data from property researcher CoreLogic Inc. showed on Tuesday. That was the biggest drop since December 2010 and the first decline since May. Prices across the nation’s capital cities declined 1.5 percent, with Melbourne leading with a 3.5 percent decrease.