Australian home values fall as borrowers face another rate rise

A national bulletin pairs housing-market pressure with a Western Sydney pursuit crash, Florida's fatal jet disaster and the launch of a NSW gun buyback.

Channel: 7NEWS Australia ·

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Western Sydney ute crash; deadly Florida plane crash; property prices plunge | 7NEWS

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Press to jump

0:15Tregear residents describe pulling a driver from a ute that overturned during a police pursuit.
1:48Rob Scott reports nine deaths in Florida's Learjet crash, with emergency radio audio and remarks from Ron DeSantis.
3:59Australian home values have fallen for seven consecutive months, as borrowers brace for another interest-rate increase.
6:21NSW's gun buyback offers compensation for surrendered weapons, while political opponents question its effect on illegal firearms.
8:05Robbie Williams is scheduled to perform before and after the Melbourne Cup's main race at Flemington.

Falling property values are adding to the pressure on Australian mortgage holders, with a further interest-rate rise looming in a bulletin from 7NEWS Australia, the Seven Network's Australian news service.

Reporter Jasmin Teurlings says home values have fallen for seven consecutive months, at their fastest rate in four decades. Property analyst Tim Lawless joins the report, while politicians debate the consequences of higher borrowing costs. NSW Premier Chris Minns warns that another increase could cost jobs and force shops to close permanently.

The bulletin was broadcast before the rate decision. In a subsequent report, the broadcaster says the Reserve Bank raised its cash rate to 4.85 per cent, its fifth increase of the year and the highest level since 2008.

The broadcast opens with security-camera footage of a Ford Ranger ute overturning onto a home's front lawn in Tregear, Western Sydney, during a police pursuit. Reporter Sam Payne hears from a resident who describes people smashing the windscreen to pull the driver out. An on-screen caption says a 41-year-old man has been charged over the pursuit.

The next report covers the Learjet crash near West Palm Beach, Florida. Reporter Rob Scott says all nine people aboard the Bahamas-bound aircraft were killed. Emergency radio audio records the pilot declaring a Mayday and reporting a rapid descent. Florida Governor Ron DeSantis says there were no reports of people on the ground being killed or injured.

Back in Australia, Taylor Aiken explains the launch of a New South Wales gun buyback following the Bondi terror attack. The segment covers how licence holders can surrender weapons for compensation and the scheme's payment limits. Minns argues that the laws will save lives; state Opposition Leader Kellie Sloane argues that the buyback will not remove illegal weapons from the streets. The report also notes opposition from One Nation.

The bulletin closes at Flemington racecourse in Melbourne, where Tyra Stowers reports that Robbie Williams is scheduled to perform before and after the Melbourne Cup's main race.