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Leaking mains pipe.

Given the age I would say replacement may be need, but I'm no expert so maybe a repair is all that is needed. This pipe is above ground running under the house (parallel to outside wall, about 30cm in) and is currently fizzing as water forced out under pressure. I don't know how long it has been leaking and was only aware when it became audible. Expectation of cost? No idea. Budget? My rainy day fund is probably more than enough — currently approx $20,000.