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Sydney Home Values Have Biggest Quarterly Drop in Seven Years

  • Home values in the city fall for the first time in 13 quarters
  • Values across biggest cities up 0.2% in the December quarter
Apartment blocks stand in the suburb of Breakfast Point in Sydney, Australia, on Wednesday, Feb. 17, 2016. Australia's opposition Labor Party is proposing scaling back tax breaks for landlords that have helped fuel a 50 percent increase in property prices in capital cities since 2008.
Photographer: Brendon Thorne/Bloomberg

Sydney home values fell the most in seven years in the December quarter as a regulatory crackdown amid record prices pushed up mortgage rates and sapped demand.

The residential property index in Australia’s biggest city dropped 1.6 percent, the first decline in 13 quarters, according to government statistics released Tuesday. Sydney prices have, however, recovered in the first two months of the year, more recent data from research firm CoreLogic Inc. showed March 1.