RBA governor Glenn Stevens relieved at end of Sydney property boom

Jacob GreberSenior correspondent

Updated Dec 16, 2015 – 7.12am, first published at 12.15am

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One of Glenn Stevens' big concerns over the past year has been resolved: a property boom in Sydney that had triggered almost panic buying and stretched the gap between rich and poor.

Mr Stevens expressed relief that tougher lending rules imposed by the Australian Prudential Regulatory Authority seemed to be working. The median property value fell 1.4 per cent in the three months ended November, CoreLogic RP Data says.

Jacob Greber writes about politics, economics and business from Canberra. He has been a Washington correspondent and economics correspondent.