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Property prices across the country are expected to fall by another 5 percent before the year ends, a new report estimates. A mid-year report by market analyst PropTrack predicts average property prices nationwide will fall between 2 percent and 5 percent by the end of December. By the end of next year, they are expected to fall even further, potentially by as much as another 10 percent. Watch the latest News on Channel 7 or stream for free on 7plus >> Cameron Kusher, director of economic research and author of the PropTrack report, said the research highlights a rapidly changing housing market. “While there are already signs that the pace of price growth slowed earlier this year, we do not expect interest rates to rise until early 2023,” he said. “Since the inflation outbreak, which resulted in the Reserve Bank (RBA) raising interest rates in each of the three months through July 2022.” Property prices across the country are expected to fall by another 5 percent before the year

Australia’s rental crisis has hit another record, as tenants complain of up to 22 per cent rise in weekly payments. Domain on Thursday revealed, across Australian capital cities, median weekly rent payments are $515 for a house and $460 for a unit. That’s an increase from $460 and $410 respectively at the same time last year. Watch the latest News on Channel 7 or stream for free on 7plus >> The lack of supply in the market has contributed to rising rents, along with successive rate hikes by the Reserve Bank of Australia. The tenant bears the costs. In this week’s Reddit thread, tenants said they had been hit by increases of more than 20 percent in some cases. Someone said while they expected rents to increase, they were surprised when it jumped from $220 per week to $270 – a 22 percent increase. Others say their rents have gone up from $620 per week to $680 – but they are pragmatic about those increases. “To be honest I’m glad I got a rent increase on the first rate hike,” said

Australian mortgage holders already battling the cost of living crisis should seek an additional $434 before Christmas on forecasts of further rate hikes. The Reserve Bank of Australia this week raised interest rates by 0.5 percent, the third straight increase. Check out the full story in the video above Watch the latest News on Channel 7 or stream for free on 7plus >> This brings the official cash rate to 1.35 percent, with warnings of more gains on the horizon. Australia’s biggest lender, Commonwealth Bank, predicts another 0.75 percent increase over the rest of the year. Australia’s biggest lender, Commonwealth Bank, expects another 0.75 percent increase over the rest of the year. Credit: PICTURE CommSec Chief Economist Craig James said it would come in three separate gains of 0.25 percent. “Reserve Bank has not finished raising interest rates,” he said. “We can expect further rate hikes in the coming months. This is the most aggressive a Reserve Bank has ever done – we’