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Melbourne and Sydney housing prices face a near one-in-five risk of price correction after rising faster against wages than in other cities, new research by JP Morgan says.
Surging dwelling prices in the two largest cities put the median Sydney house price at $940,000 – equivalent to 9.5 times the city's median income – and Melbourne's at $785,500, or 8.7 times the median income by December, figures from the investment bank show.
Read the full story at The Australian Financial Review.