Australia's house prices fall, interest rates soar but analysts say there's no crash yet

Abstract

The Reserve Bank of Australia has hiked interest rates for five straight months raising the official cash rate to 2.35% from just 0.1% in April. Sydney ranked second after Hong Kong as the most affordable city in the world. The average house prices in the global housing affordability Report was also the largest since 1983, Corelogic said in its most recent According to Corelogics. Current clearance rates at auctions in both cities have also closed lower at between 50% and 60%. The monthly price fall in August was also. in August.