Property prices dropped further in September and falls ‘could accelerate’ again with rate rise

The fall in house prices could pick up pace again if the Reserve Bank lifts the interest rate further at Tuesday’s meeting, CoreLogic’s Tim Lawless says. Photograph: Diego Fedele/AAP

Australia’s property prices fell another 1.4% in September as the cost of borrowing increased, and another interest rate rise is likely after Tuesday’s Reserve Bank meeting.

The recent declines are chipping away at the huge property price increases that followed the troughs during the pandemic.