House prices head for historic 10% drop as fourth interest rate hike looms

Cotality data reveals property prices are now falling in more than 90% of Australian suburbs, while analysts expect market downturn to continue Get our breaking news email, free app or daily news podcast The prospect of the steepest property market downturn in history will not stop the Reserve Bank from delivering a fourth interest rate hike as it battles to bring inflation back under control, economists say. New data from Cotality revealed house prices are now falling in more than 90% of Australian suburbs, amid a perfect storm of higher borrowing costs, a weak economy, and a once-in-a-generation change in the tax treatment of property investors. Continue reading...