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Australias Slumping Property Market Raises Threat of a Recession

Australias rapid-fire interest-rate increases are sending tremors through the nations heavily indebted households and threatening a house downturn on a scale unseen because the eve of the 1991 recession.

The marketplace hardest hit is bellwether Sydney, where home values have dropped almost 5% during the past three months, weighed against 2% in the A$9.9 trillion ($6.8 trillion) national market. Further falls are inevitable because the Reserve Bank, which meets again in only under fourteen days, raises borrowing costs at the fastest pace in a generation.

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