Sydney House Sales Lead State’s Biggest Drop in Six Years: Chart

Stand-alone house sales in New South Wales, Australia’s most populous state, dropped the most since August 2010 in May, data from the Housing Industry Association show, another indication the property boom is losing momentum. Detached house sales in the state, where the majority of the population lives in the greater Sydney area, fell 11.5 percent, the data show. Record prices and tighter bank mortgage lending criteria are denting affordability and construction of new homes, with Sydney prices growing at the slowest pace in almost three years in the first quarter, according to Australian Bureau of Statistics data.

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