Sydney has the fourth riskiest housing market in the world after surging in value over the last three years, according to a bank report. The report, the UBS Global Real Estate Bubble Index, said housing markets in major cities around the world are overheating just a few years after the global financial crisis saw a fall in home prices.
UBS said Sydney's housing prices, adjusted for inflation, peaked in 2015, after a 45 per cent rise since mid-2012 because of rapidly growing demand from foreign investors, in particular Chinese investors. "Sydney's housing market has been overheating since the city became a target for foreign investors several years ago," the report's authors wrote.
Aussie is currently being traded around 0.7630 handle. Pair is likely to find support around 0.76 area and resistance above 0.7650 level.
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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