House prices drop $34.1bn as confidence crashes and rates set to rise

Property values fell $34.1 billion in three months as consumer sentiment collapsed 5.2 per cent.

Why it mattersAustralians with mortgages face higher repayments while their home equity shrinks, cutting spending power and household wealth across the economy.

AustraliaMortgage holders across Australia face squeezed budgets: higher payments at the same time as property values fall, hitting hardest in cities like Sydney and Melbourne where price drops are steepest.

✓ Claims checked against the source and corrected before publish. checked 18 h ago

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RBA set to raise rates to 15-year high in late September

Major banks forecast the RBA will hike rates on 28-29 September, pushing the cash rate to 15-year highs.

Why it mattersHigher interest rates mean bigger mortgage payments for millions of Australians, and inflation staying elevated signals more pain ahead.