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Bleak outlook for property as prices tipped to fall by 12 per cent

Property prices have been tipped to fall by as much as 12 per cent in the most expensive capitals, according a major new report, although two cities shaped as an exception to the downward trend.

Row of display homes in Tarneit, a suburb in Melbourne's west.
Concern over interest rate rises is already playing out in lower clearance rates and higher time on market.

Property prices have been tipped to fall 5 per cent by Christmas and even further next year, as interest rate hikes bite, and more properties come up for sale and spend more time on the market.

A report released by PropTrack on Thursday (28 July) has forecast national price drops fall of between 2 and 5 per cent by the end of this year and by a further 7 to 10 per cent by the end of next year.​

It revealed Sydney

and Melbourne will lead the fal…