Boom times in many global real estate markets are turning to bust. Australia, several Asian countries and North America are starting to see large price corrections that are leaving speculators racing for cover.
Australia's housing market is witnessing its steepest annual fall in 15 years.
In Sydney, prices are down 10 percent in a year. House prices in Sydney doubled in a decade on the back of Australia's booming economy, with the median price still being an eyewatering 1,062,619 Australian dollars (€668,391, $762,391). But tighter lending criteria for mortgages have helped fuel the drop.
