The Reserve Bank has hiked interest rates and the property market is in retreat. Oliver forecasts that average prices across the capital cities will keep falling until about April next year, capping a 7.8% drop from top to bottom. Interest rates are expected to be structurally higher than they were before the pandemic. NAB forecasts pretty stagnant property price growth next year. And if it is, surely that is a step in the right direction on the long, long road to achieving a more affordable property market without a major crash?