QUOTE HOUSE prices in some parts of Sydney have almost halved as battling borrowers struggle to keep up with increasing interest rates.
The falls - in Sydney's west, the Hills district, and Sutherland Shire - are far steeper than previously thought, and show the devastating effects of the RBA's rate-hiking spree.
In the past six months, 30 homes across Sydney have been sold for at least $100,000 less than was paid at the height of the property boom, many as a result of distressed mortgagee sales.
One property in Bankstown, bought for $500,000 in August 2005 sold in February for $215,000 - a loss of $285,000.
QUOTE The data - complied exclusively for The Daily Telegraph - showed that even the more affluent suburbs are now beginning to suffer. Several homes in Waverley, Coogee and Paddington were sold for losses of more than 25 per cent. The worst hit was the Waverley house bought in July 2003 for $725,000 and sold for $465,000 in March.
And experts predict that the losses will get worse as the year goes on.
QUOTE "It is clear that some people just paid the wrong price for a property and that happens a lot," Mr Edwards said.
"In every suburb in Sydney, there will be some properties that will have lost value because in every place in Australia there will some foolish person who paid too much for a property."
