Abstract: In the five years since the GFC began, Australia has experienced very different housing market impacts than most other Anglo economies. Housing prices did not crash, and homeowners remain relatively stable. Nevertheless, there were significant consequences. The effects of temporary stimulus measures, of changing patterns (and regulation) of foreign investment, and changes in the availability of credit, have different implications for the affordability of homeownership and rental, and have affected different types of owners and renters in distinctive ways. The spatial outcomes of these changes are particularly interesting, and help explain some of the development barriers that Sydney has faced over the period. The paper defines different segments of Sydney’s housing markets, and investigates how home prices and rents varied across those markets. The conclusion reflects on the housing market outcomes of Sydney’s changing global integration.