Australia’s top property stocks plunged 3.26 per cent on Tuesday – in line with the broader market rout locally and globally – after the US reported higher-than-expected inflation, sparking concerns of steeper rate rises.

Yields on 10-year Australian bonds passed 4 per cent during the day, jumping about 30 basis points, before easing slightly to 3.96 per cent, the highest they’ve been in eight years.