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Sydney and Melbourne have seen the largest price increases, with house prices rising 105% and 93.5% respectively since 2009. These massive increases in house prices coincide with record low wage growth, record low interest rates and record household debt equal to 130% of GDP.
The median house price in Sydney peaked at $780,000 in 2016. [4] However, with stricter credit policy and reduced interest from foreign investors in residential property, prices have started falling in all the major cities. [5] When compared with the soaring prices of 2017, the housing prices fell by 11.1% in Sydney and 7.2% in Melbourne in ...
Sydney is the capital city of the state of New South Wales and the most populous city in Australia.Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about 80 km (50 mi) from the Pacific Ocean in the east to the Blue Mountains in the west, and about 80 km (50 mi) from Ku-ring-gai Chase National Park and the Hawkesbury River in the north and north-west, to ...
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Considered to be Sydney's first high-rise office building, Culwulla Chambers, was completed in 1912 and stood at a height of 50 metres (160 ft). Designed by Spain, Cosh and Minnett (with Rupert Minnett), the building consisted of 14 floors and cost £100,000 to build, equivalent of approximately $1 million in today's money. [13]
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Sydney has been a hub of a number of migrant communities, such as the Lebanese, Fijian, Korean and Nepalese. [16] Well over half of Australia's 25,000-strong Nepalese community, [17] for example, is concentrated in Sydney. [18] Seven out of every ten Lebanese migrants in Australia live in Sydney. [16]
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