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 recent years , while Brexit uncertainty has caused London property prices to drop for a second consecutive year . A slowdown of China 's housing market , a correction in Hong Kong property prices , and a 20 % fall in Vancouver house prices all indicate a global decline of the market . Singapore is expecting a 20 % drop in prices following government intervention to revive 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 .