The Reserve Bank of Australia said interest rates have reached a 15‑year high this week. At the same time, Sydney home values dropped 1.4% in September, adding pressure to anyone who has just bought a house.

Chris Shaw, a new homeowner in Rooty Hill, says mortgage repayments take up about half of his household income. He worries there is little left for other expenses or future plans.

Adam Leto of the Western Sydney Leadership Dialogue warned that many new owners are ‘battening down the hatches’ as prices fall, meaning they are trying to survive the current financial strain.

Jonathon Noujaim, a 26‑year‑old buyer in Parramatta, sees a silver lining. He says lower prices could help more young people like him get a foot on the property ladder.

Associate professor Andrew Grant, a finance expert at the University of Sydney, advises borrowers who are struggling to speak with their banks early and explore the options that lenders may offer.