Interest rate hikes trigger Australian housing market’s biggest decline in 40 years

But market is unlikely to have bottomed out, with further cash rate increases from 3.1% likely to continue driving prices lower in 2023

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The Reserve Bank's aggressive rate-hiking cycle has triggered the housing market's biggest decline in more than four decades.

The 8.4% drop between May 2022 and January 2023 is the deepest peak-to-trough fall on CoreLogic's records, which date back to 1980.

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