Sydney property ‘too hot’: Walker

Property tycoon Lang Walker has warned that the nation’s largest property markets may be at risk of overheating, Bloomberg reports.

Mr Walker, the chairman of Walker Corporation, said that Brisbane’s housing market retained “some potential” for growth, but Melbourne and Sydney had both climbed too fast, too soon.

“Sydney is a little too hot at the moment,” Mr Walker told Bloomberg. “Melbourne has gone through a period of intense growth and that’s plateaued off.”

Residential property prices in both Melbourne and Sydney both scored double-digit percentage gains in the 12 months to July.