Sydney’s Home-Buying Frenzy Is Ramping Up Risk Again

  • Shack for demolition miles from city sells for $760,000
  • Shortage of homes for sale in Sydney reaches chronic levels

Australian policymakers say efforts to rein in the runaway housing market are working. But on the ground there’s a fresh bidding frenzy, as fiberboard shacks fit for demolition and miles from downtown Sydney go for almost A$1 million ($760,000).

A lack of houses in and around the city, the epicenter of Australia’s property boom, is pushing up prices again even after banks last year tightened mortgage lending. Some buyers are snapping up homes they’ve never seen, worried it might be their last chance to own a patch of land, said Peter Baldwin, the chief auctioneer at real estate agency Richardson & Wrench for 27 years…

Sydney’s Home-Buying Frenzy Is Ramping Up Risk Again

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