Despite falling 12%, Sydney housing remains ridiculously expensive
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Despite suffering the second biggest value decline in nearly 40 years:

Sydney’s housing market remains far too expensive and out-of-reach to the vast majority of first home buyers. From News.com.au:
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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.