Billionaire Lang Walker Says Sydney Home Market ’Too Hot’

Billionaire Lang Walker, founder of one of Australia’s largest closely held developers, said that home prices in Sydney and Melbourne have climbed too much, and he is turning his focus to his investment in Malaysia.

“Sydney is a little too hot at the moment,” Walker, executive chairman of Walker Corp., said in an interview in Singapore yesterday. “Melbourne has gone through a period of intense growth and that’s plateaued off.” The residential market in Brisbane, in Queensland state, still has some potential, he said.