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Australian house prices heading for historic 10% drop as fourth rate hike looms
Data from Cotality shows house prices are now falling in more than 90% of Australian suburbs, pointing toward a potentially historic 10% market downturn. Higher borrowing costs, a weak economy and a generational change in property investor tax treatment are driving the slump. Despite the steep decline, economists expect the Reserve Bank to deliver a fourth consecutive interest rate hike to tackle inflation.
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