HOUSE prices in some parts of Sydney have almost halved as battling borrowers struggle to keep up with increasing interest rates.
The falls – in Sydney’s west, the Hills district, and Sutherland Shire – are far steeper than previously thought, and show the devastating effects of the RBA’s rate-hiking spree.
In the past six months, 30 homes across Sydney have been sold for at least $100,000 less than was paid at the height of the property boom, many as a result of distressed mortgagee sales.
» Sydney properties halve in price – news.com.au, 12th May 2008.