House prices head for historic 10% drop as fourth interest rate hike looms

Australian house prices are experiencing a historic downturn, with prices falling in over 90% of suburbs and analysts projecting a 10% overall decline. Despite this severe market contraction, the Reserve Bank is expected to implement a fourth interest rate hike to combat inflation. The property market collapse is being driven by multiple factors including rising borrowing costs, economic weakness, and significant changes to tax treatment for property investors.