Property values fall for seventh month: Which city is worst hit?

National capital city median dwelling values have fallen across the country for the seventh consecutive month, with one state suffering the biggest drop. The results of realestate.com.au’s November Home Price Index will come as a blow to homeowners, with the property company’s senior economist and report author Eleanor Creagh warning another interest rate hike by the Reserve Bank of Australia, expected to be delivered this week, would likely lead to further price drops. “That will certainly reinforce the downward pressure already weighing on home prices around the country,” she said. “Another increase is also likely to weigh on buyer confidence and buyer sentiment. “Another interest rate rise makes further price falls likely over the coming months, reinforcing the downturn that’s already underway, particularly in markets where affordability has deteriorated most sharply.” Home values are dropping around the nation. Pic: istock According to the report, the national median home value dropped 0.3 per cent for the month and 1.9 per cent for the year to $871,000. The median dwelling value across the capital cities also dropped 0.3 per cent for the month and reported a larger drop over t...