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Property bust rattles Australian economy

NEWS: Housing prices have dropped by more than in fifth in areas of Sydney, an impact that's had ripple effects throughout Australia's economy.

อุปทานส่วนเกินกำลังส่งผลให้บ้านราคาตกในซิดนีย์ตะวันตก (AAP)
อุปทานส่วนเกินกำลังส่งผลให้บ้านราคาตกในซิดนีย์ตะวันตก Source: AAP

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Source: AAP, SBS



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As property prices rocketed toward the heady peak of Sydney's real-estate boom in 2017, the bulldozers came to Epping.

Eucalypt-lined streets of red-brick bungalows in the middle-class suburb were snapped up at hefty premiums by developers, razed, and quickly remade as apartment blocks.

Many units were sold off-the-plan - where buyers enter into contracts and pay deposits before construction starts - to Chinese investors drawn by the location's reputation as a Chinese community hub and its highly-regarded schools.

But prices are now in freefall, and the suburb is being refashioned once more, this time into the epicentre of a bust.

As buyers disappear and miss settlement payments, some projects are sinking under their debts.

You can read the full article in English here.


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