Banker warns Sydney housing market is “unsustainable”

More or less mirroring developments in Auckland, Sydney property prices surged 12.4 per cent in 2014. Howeevr HSBC Australia chief economist Paul Bloxham warns that things will cool off when the Reserve Bank hikes interest rates in 2016. “Sydney house prices are running at an unsustainable pace,” he said. “Purchasers need to be very careful,…