Sydney’s apartment market is down by more than 5 per of a percentage point after a flood that left more than 4,000 people homeless.
Key points:The Sydney Morning Herald has more:About 10,000 properties have been damaged and 1,500 are under flood threatMore than 1,600 properties are under a flood risk zoneThe city of Sydney’s CBD has seen the most homes floodedJubilee was forecast to hit Sydney’s suburbs on Friday with heavy rain hitting the CBD and inner city.
Jubilees rains are forecast to continue through Saturday, with heavy rains expected to hit the CBD, outer suburbs and some suburbs of Melbourne on Sunday.
The city’s CBD is expected to be inundated with rain as temperatures hit the 90s and the mercury rises.
It was raining hard from Friday, with more than 3mm in some areas.
At least 2,000 homes are under the flood risk zones and more than 800 are under inundation, according to a report by the Sydney Morning Times.
More than 2,500 properties are in the flood zone, while more than 400 are under an inundation zone, the report said.
The area around the CBD is predicted to be flooded by the end of the day, according the Sydney Weather Service.
It is also predicted that heavy rain will continue into Sunday and Monday.
There were fears of flooding on the streets of Sydney on Friday night and into Saturday morning.
More:The flooding occurred as a result of a strong north-westerly flow in the Tasman Sea.
The flooding is the worst flooding in Sydney since August 2016, when the city recorded more than 200mm of rain.
The CBD has been hit by more rain in recent years, with up to 50mm of rainfall falling on the city in 2013 and up to 40mm in the 2015-16 dry season.