Real estate values in Australia’s biggest cities have suffered the steepest fall since the national Covid lockdowns of 2020.
Surging house prices mean many borrowers who bought a home in the outer suburbs with a seven-figure price tag could be paying an $800 a month more on their mortgage within a year as rates keep rising.
Speculation about a Reserve Bank rate rise on Tuesday has seen the property market peak, with the banks no longer offering cheap, two per cent fixed-rate loans in recent months.
Sydney and Melbourne have now suffered the first quarterly falls since mid-to-late 2020, when open homes and in-person auctions were banned during the national Covid lockdowns.
Real estate values in Australia’s biggest cities have suffered the biggest fall since the national Covid…
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