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Sydney, Melbourne property values in worst fall since 2020 ahead of possible interest rate rise

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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