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Reserve Bank of Australia: Interest rate message will send chills down the spine of every home owner

The Block auctioneer Tom Panos claims many Australian real estate agents won’t survive as rising interest rates sink the property market – as Sydney and Melbourne’s  home values suffered their biggest falls in two years. 

The Reserve Bank of Australia is widely expected to raise interest rates on Tuesday – the first increase in more than a decade – in an attempt to arrest surging inflation. 

As rates rise,  demand for property falls, leading to a reduction in real estate values. 

Data from CoreLogic showed Sydney average house prices fell 0.1 per cent in April and by 0.3 per cent for the quarter to $1.417million, while in Melbourne prices fell 0.2 per cent in April and 0.5 per cent for the quarter to $1.001million  – the biggest falls since the Covid pandemic lockdowns in 2020.


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