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.
Australia'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. The latest figures from the Australian Bureau of Statistics show that house price growth slowed sharply last year and was down by more than 10 per cent compared with 2016.