Sydney House Prices Drop Most in 30 Years

(Bloomberg) -- Sydney’s property market slump has reached a new milestone, with s falling further than the late 1980s when Australia was on the cusp of entering its last recession. Average Sydney home s have fallen 10.1 percent since their 2017 peak, CoreLogic Inc.’s head of research Tim Lawless said Tuesday, citing data as of Dec. 7. That surpasses the top-to-bottom decline of 9.6 percent recorded between 1989 and 1991. The declines in Australia’s most populous city are accelerating as tighter mortgage lending standards crimp the amount people can borrow and as nervous buyers sit on the sidelines.

©2018 Bloomberg L.P.