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Via the UBS Global Housing bubble Index:
Sydney / Australia
Prices peaked last summer and have slid moderately as tighter lending conditions reduced affordability. Particularly since the land tax surcharge more than doubled and a vacancy fee was introduced, the high end of the market has suffered most. The vacancy rate on the rental market has also climbed. Nevertheless, inflation-adjusted prices are still 50% higher than five years ago, while rents and incomes have grown at only single-digit rates.
Last year it was fourth on 185 points. A goodly improvement in a year to slip to 11th but a lot more work to do to say the least:
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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