Sydney's 'crazy' housing market no mere craze

Sydney

OUTLANDISH property prices make daily headlines in Sydney - a peeling 1900s three-bedder with no kitchen sink for A$2.6 million (S$2.68 million), a parking space in Kirribili for A$120,000 - and first-time buyers have little prospect of relief.

Home price growth in the harbour city is well into the double digits, fed by record low interest rates, a rapidly rising population, chronic undersupply, a tax system that pampers property investors and a stream of Asian money.