Australia Pays the Price for Depending on China
http://www.bloomberg.com/news/articles/ ... g-on-china
The government has taken some steps to cool the market, such as limiting the growth in lending to property investors, which spurred banks to raise interest rates on mortgages for those borrowers.
Efforts to crackdown on foreign buyers who breached ownership rules, limiting them to only buying new properties, among other restrictions, have also helped to cool the market.
For Sydney's market, prices were actually down 1.6 percent over the same period, although the city still saw prices rise 13.9 percent last year.
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