House prices are on track to fall by another 10 per cent in the next 12 months despite the slowing pace of decline as eight consecutive interest rate rises wipe out about 25 per cent of buyers’ borrowing capacity and dampen demand in a slowdown that could last well into next year, experts say.on Tuesday in its effort to contain inflation.
“I think we have another 9 per cent or 10 per cent to go, so next year will probably be another rough year for the property market unless you’re in Darwin or Perth because prices, there are affordable.” “We might see prices starting to rise by the end of next year if the RBA starts cutting rates. But between now and then I think there’s still a significant downside to go.”The recent rate rises have already sparked a sharp drop in sales volumes which have fallen by 13.3 per cent compared to a year ago, according to CoreLogic.