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Sydney house prices see biggest drop in almost three decades

Sydney property prices have dropped 7.4 per cent in the past year, partly due to tighter lending conditions.

It’s the largest annual decline since 1990.

Prices have also dropped in Melbourne, but remain relatively steady in Brisbane.

Head of research at CoreLogic Tim Lawless predicts the downward trend in Sydney will continue for some time yet.

“When you look at the factors that are causing this downturn, it’s not the normal factors,” he tells Ross Greenwood.

“It’s not interest rates going up or poor economic conditions, this is largely about credit availability.”

Click PLAY below to hear the full interview 

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