Australia joins Asian property slide
From Mumbai to Melbourne, Asia's property boom is stalling as the world's highest interest rates and government efforts to curb prices take hold.
In China's biggest cities, growth slowed in April after the government stepped up property measures. In India and Australia, prices are falling after the steepest interest rate increases among major economies. In the financial hubs of Hong Kong and Singapore, price growth is moderating after increased deposit requirements and land releases. In Japan, the worst earthquake on record snuffed out signs of a recovery, while South Korean banks remain weighed by soured property loans.
"Across Asia-Pacific, you have seen a policy induced pullback," said Rod Cornish, head of real estate strategy at Macquarie Capital Advisers in Sydney. "It's a required pullback because if some of these markets had been allowed to continue, you would have had more overbuilding, more overvaluation, and a bigger correction down the track."
Read more: http://www.smh.com.au/business/australia-joins-asian-property-slide-20110617-1g7lh.html#ixzz1PpCb4Mip
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