Sydney home prices record worst quarter in 4 years

Sydney

SYDNEY home prices fell for the second consecutive month and recorded the worst quarter in four years as a regulatory crackdown pushed up mortgage rates and dented affordability amid record prices.

Home values in Australia's largest city dropped 1.2 per cent in December from a month earlier following a 1.4 per cent decline in the previous month, data from property researcher CoreLogic Inc showed on Monday. This is the first time since May 2013 that Sydney dwelling values have dropped for two straight months.