Sydney property prices crazy: central bank chief

Australia's Reserve Bank governor Glenn Stevens said on Wednesday he was "very concerned" about Sydney's property market, parts of which he has described as " crazy."

Local media reported the comments after he addressed a business lunch in Brisbane.

Stevens said the RBA would cut the cash rate again if needed, adding that it will be "quite some time before we even think about interest rates going up."

But he said Sydney's property price boom was "acutely concerning," even though most other capital city property markets were not rising strongly.

"I am very concerned about Sydney, I think some of what's happening is crazy, but we've got a national focus to manage as well -- that just increases the complexity," he said. Endi