Sydney and Melbourne house prices fall as RBA prepares third rate rise

Sydney and Melbourne house values fell in April as the Reserve Bank prepared for its third interest rate rise this year. Sydney's median value dropped $7,000 to $1.6 million, down 1.2 percent since January, while Melbourne's median fell nearly $5,000 to $972,000, down 2.2 percent. Rising rates and collapsing consumer sentiment are weighing on Australia's largest property markets.

Summary by Glance · The Age