The News Limited reports on the so-called soft landing in Sydney, Australia. "Sydneysiders are voting with their wallets, bowing out of the NSW property market at an unprecedented rate as new home approvals fall to their lowest level in almost 20 years. With fears of a softening state economy and rising unemployment, demand for new homes is hitting all-time lows."

"For the 12th month in a row, building approvals have declined across the state, with fewer homes being built per year than in the mid-'80s. The State Government claimed it was indicative of a slowdown in the housing sector across the country, although construction makes up almost a quarter of the state's economy."

"The Australian Bureau of Statistics figures revealed approvals were the lowest for 19 years. Only 2039 homes were approved in January. Dwelling unit approvals fell by 10.9per cent. In 1995, 4167 homes were being approved a month, around 50,000 homes a year. It has now crashed to around 33,000."

"A NSW Property Council spokesman said: 'I think the figures reinforce what we all know..the economy is soft and the housing market is also soft..and until the situation turns around we are less likely to see a pick-up in demand for housing.'"

"Treasurer Michael Costa yesterday said the property market slowdown was more significant in NSW because the housing boom had been much stronger in the state."