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Westpac bank forecasting huge declines in property

Potential Australian home buyers are now a lot less interested in buying property because they fear interest rate rises, new data shows.

Even before the Reserve Bank of Australia raised the cash rate in May for the first time in 11 years, would-be buyers were already taking less interest in property ads.

The REA Group, the owner of Australia’s most popular property sales website realestate.com.au, has released new data showing national views per listing plunged by 8.8 per cent in April.

The monthly fall was even more pronounced in previously strong markets, with monthly views for every home advertisement plummeting by 16 per cent in Hobart, 13.2 per cent in Canberra and 12.4 per cent in Sydney.

Potential Australian home buyers are now a lot less interested in buying property as interest rates rise, new data shows (pictured is an auction in Melbourne in April)

Potential Australian home buyers are now a lot less interested in buying property as…


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