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 a second consecutive year, while Brexit uncertainty has caused London property prices to fall for 15 years. 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 Bangkok 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.