[SYDNEY] The party is finally winding down for Australia’s housing market. How severe the hangover is will determine the economy’s fate for years to come.
After five years of surging prices, the market value of the nation’s homes has ballooned to A$7.3 trillion (S$7.5 trillion) – or more than four times gross domestic product. Not even the US and UK markets achieved such heights at their peaks a decade ago before prices spiraled lower and dragged their economies with them.
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