House prices plummet as Labor points to bigger picture

Key points

• Australian house prices fell a record 4.7 per cent over the September quarter, according to Domain data. Perth recorded the sharpest drop at 7.4 per cent, while Brisbane and Adelaide also logged their steepest falls on record.
• Housing Minister Clare O'Neill said the movement reflected the cyclical nature of the property market. Economists have largely linked the falls to the Reserve Bank lifting the cash rate to its highest level in 15 years.
• Domain's chief residential economist Nicola Powell said prices could keep falling for many months, with confidence unlikely to recover before an interest rate cut.