Aust shares sink as US bond yields hit multi-year high

Mining was the biggest loser on Tuesday, while Pro Medicus helped health care gain ground. (Steven Saphore/AAP PHOTOS)

The local share market has fallen on fears about China's property market and as US bond yields hit their highest level in 16 years, pressuring equities.

The benchmark S&P/ASX200 index on Tuesday closed down 38.3 points, or 0.54 per cent, to 7,038.2, while the broader All Ordinaries dropped 40.3 points, or 0.55 per cent, to 7,238.3.