Australia's housing market is witnessing its steepest annual fall in 15 years. In Sydney, prices are down 10 percent in a year. House prices in Sydney doubled in a decade on the back of Australia's booming economy, with the median price still being an eyewatering 1,062,619 Australian dollars (€668,391, $762,391). But tighter lending criteria for mortgages have helped fuel the drop.
Bangkok's housing market is experiencing its biggest decline in 15 years, while Brexit uncertainty has caused London property prices to fall for a second consecutive year. A slowdown of China's housing market, a correction in Hong Kong property prices, and a 10% fall in Vancouver house prices all indicate a global correction of the market. Singapore is expecting a 5% decline in prices following government intervention to cool the market, while Chinese demand for Australia condominiums caused an over-supply. Meanwhile, property investors are eyeing foreign currency purchases in Turkey, which has suffered a weakened lira and high interest rates.