The auction stand-offs may indicate that the Sydney market, which has been defined by researcher Demographia as the second most unaffordable in the world after Hong Kong, has finally hit a peak. Hong Kong-based hedge fund manager Apt Capital Management has shorted Australian banks because of their exposure to a property market it believes is out of step with Australia's economic strength. "Numbers on Chinese property tours -- on which part of a holiday is dedicated to looking at property -- are half what they were a year ago,'' Yong said. "We think there's still a bit of steam in the Sydney market," said Ausnet chief executive Paul Niardone, a former public relations executive. If the heat continues to seep out of the market, agents will be among the first to be hit.

Source: Bangkok Post February 07, 2017 04:21 UTC