The great Australian property slump is in full swing as interest rates surge

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SYDNEY – Soaring interest rates have triggered sharp plunges in house prices in Australia, ending a spectacular boom that led to one of the world’s most expensive property markets.

Australia’s central bank, the Reserve Bank, began lifting interest rates in May due to concerns about rising inflation. Since then, the bank has overseen the fastest rise in rates in almost 30 years, from 0.1 per cent to 2.35 per cent in just four months.

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