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The price of a property in Sydney is rising faster than the city’s economy, as developers are working to reverse a price bubble in the area around the proposed $2 billion tower at the city centre.
The median price of new Sydney homes hit $1.3 million in July, up 13 per cent on a year ago, according to data from Zillow.
The Sydney property market has been one of the worst-performing in Australia for the past decade, and many investors are concerned that Sydney’s property market could fall further.
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