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AAP
AAP
Nick Wilson

'Decline': housing downturn looms as rate hikes bite

Tim Lawless Housing Market Australia Melbourne
Prices in Australia's two biggest housing markets are already on the slide. (James Ross/AAP PHOTOS)

Australia is on the cusp of a housing market downturn as interest rates and affordability woes sap buyer demand, new data suggests.

Sydney and Melbourne are already in the early stages of decline while price growth across the mid-sized capitals is losing momentum, Cotality's latest Housing Chart Pack found.

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