Australia’s Real Estate Finally Cools After Years of Surging

PHOTO: Prices in Sydney fell month-over-month in December.

Australia’s housing market is slowing down after several years of frenzied growth, December sales data indicate.

Prices in Sydney declined 0.9% month-over-month in December, dragging down annual appreciation to an anemic 3.1% when compared to the rapid market growth of 2015 and 2016, according to a report Friday by CoreLogic. By comparison, housing prices in Sydney grew at an astonishing annual rate of 17.1% just seven months ago.

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