Home prices drop for the second month in a row as Reserve Bank's aggressive interest rate rises hit hard

 National property prices have fallen for the second month in a row, as higher interest rates and unaffordable prices hit demand for homes, while rental rates are rising at a faster rate than housing values.

Housing data and analytics firm CoreLogic said home values across the country fell 0.6 per cent in June, led by declines in Australia's biggest cities Sydney (-1.6 per cent) and Melbourne (-1.1 per cent), but prices also dropped in Hobart (-0.2 per cent) and regional Victoria (-0.1 per cent). 

The Reserve Bank increased official interest rates in May and June to curb surging inflation, and more steep increases are expected.

Read More: https://www.abc.net.au/news/2022-07-01/property-prices-interest-rates-home-values-reserve-bank/101198708