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The New Daily
The New Daily
Matthew Elmas

More than $100,000 wiped from Sydney property prices as rate hikes bite

Tim Lawless Sydney Interest Rates Reserve Bank CoreLogic
Property prices are plunging fast as higher interest rates eat into home owner wealth. Photo: AAP

Australian home owners are experiencing the biggest drop in wealth for decades as rising interest rates push down property prices, and leave the market mired in uncertainty.

Average home prices across Sydney have fallen an astonishing $116,500 from a February peak, having plunged by 10.1 per cent, CoreLogic figures published on Monday revealed.

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