Sydney Housing Slump Deepens as Prices Drop Most Since 1980s
- Prices in Australia’s largest city drop 11.1% from 2017 peak
- CoreLogic sees tighter credit weighing on prices this year
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The downturn in Sydney’s property market is set to deepen this year as tighter lending standards and the worst slump in values since the late 1980s cause nervous buyers to sit on the sidelines.
Average Sydney home values have fallen 11.1 percent since their 2017 peak, according to CoreLogic Inc. data released Wednesday -- surpassing the 9.6 percent top-to-bottom decline when Australia was on the cusp of entering its last recession.