National house prices fall for the second month in a row

National property prices have fallen for the second month in a row, as higher interest rates and unaffordable prices hit demand for homes.

Rental rates are also rising at a faster rate than housing values.

Housing data and analytics firm CoreLogic said home values across the country fell 0.6 per cent in June, led by declines in Australia’s biggest cities, including Sydney.

Barrenjoey Chief Economist Jo Masters said they aren’t expecting house prices to stabilise until “very late” in 2023.

“We think rates are going to continue to rise, we think households are going to continue to…

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