00:01across the nation house prices have now fallen for the fifth month in a row property analyst
00:08cotality has crunched the numbers and found that house prices nationally have fallen 0.9 percent
00:15in the past month a fall of around three percent in the quarter and when we take a look at
00:23median
00:24house values nationally the median house price will now set you back just over 912 000 if we take a
00:33look
00:33at what the house figures are across the capital cities we can see that sydney has recorded the
00:40biggest fall down 1.4 percent following closely behind that is canberra and melbourne melbourne in
00:47fact has fallen around 4.7 percent in the past year alone which is quite dramatic brisbane is also
00:55in the negative territory by one percent and in fact the only capital city to record a rise is darwin
01:02with 0.6 percent increase for the past month across the regions we have also seen house prices fall for
01:11the first time this year down 0.4 percent and cotality says that this time around it's not just the
01:20top
01:20end of the market that is experiencing these falls in these latest figures it's collated it's found
01:26that suburbs 93 percent of the suburbs have actually recorded house price falls now that comes down to
01:36a number of factors including of course those three interest rate increases that we've seen the
01:41potential for yet another one and economic uncertainty further ahead as well as the federal government's
01:49changes to legislation when it comes to housing particularly the cut to the discount for capital
01:55gains tax and also limits on negative gearing the research director of cotality tim lawless says this
02:03downturn could be just the start we're not really seeing anything that's going to be turning this
02:08housing market around in fact with the chances of another interest rate hike later this year we
02:14could see this this downturn deepening further so we think probably the rest of this year we should
02:20expect that housing values will continue to trend lower possibly into into next year it really depends
02:25on the path of inflation and where do interest rates land that's cotality's research director tim
02:32lawless speaking earlier on news breakfast and the big question is how long these house prices will
02:39continue to fall well he says it's unlikely we are going to see any sort of rise in values until
02:46we see
02:47a change to some of those economic conditions and potentially a move towards cutting interest rates
02:54potentially not until next year
