Sydney November home prices drop the most since 2010

Sydney

HOME prices in Sydney fell the most in five years in November as a regulatory crackdown forces banks to tighten lending and increase mortgage rates.

Dwelling values in Australia's largest city dropped 1.4 per cent from a month earlier, data from property researcher CoreLogic showed on Tuesday. That was the biggest drop since December 2010 and the first decline since May.

Prices across the nation's capital cities dropped 1.5 per cent, with Melbourne leading with a 3.5 per cent decrease. "The fact that mortgage rates have risen independently of the cash rate has, in all likelihoo…