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Going up Down Under

Australia [HOUSING]

Australia may have escaped recession during the financial crisis, but its housing industry is showing worrying signs. Demand is outstripping supply, leading to a surge in prices.

Sydney is Australia’s most expensive city for housing – prices have doubled over the past 10 years – and is now one of the least affordable housing markets in the English-speaking world. Rental prices in the city are growing by 10 to 20 per cent a year.

The average house price in Sydney is AU$638,000 (€477,000). In Melbourne, prices…

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