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Australia tames home prices by squeezing foreign buyers

Sydney's overheated market cools as Chinese investment drops off

New homes line a street in the Sydney suburb of Moorebank. Inflows of foreign money contributed to Australian cities' torrid housing price inflation.   © Reuters

SYDNEY -- Tougher rules designed to bring down Australia's high-flying urban real estate market appear to be working, with reports that once-brisk Chinese investment into the country's property sector has fallen sharply. 

Now the concern is that too abrupt a reversal of recent years' housing price gains could hurt one of the world's most solidly performing economies.

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