Big bank, real estate site in lockstep on house prices

Key points

• REA Group and Commonwealth Bank predict further house price declines in Australia, with the market not expected to stabilise until 2027. The Reserve Bank of Australia's recent interest rate rise to 4.6 per cent, along with tax changes, is cited as a key factor.
• CommBank economists forecast a nine per cent drop in prices during this downturn, with potential rate cuts anticipated in late 2027.
• National property values have already fallen 5.2 per cent since March, returning to levels seen a year ago.