Housing Minister Clare O’Neil says a temporary downturn in house prices should not alarm Australians after a report by CBA said a price recovery would not occur until 2027.

“It’s clear that house prices are softening around the country, and I really recognise that, you know, for many Australians, their house is their most important asset,” O’Neil told Seven’s Sunrise .

“What that report also shows us is that house prices will start to grow again, and CBA says that will happen at some stage next year. The housing market in Australia is inherently cyclical. We see periods of really strong house price growths that are followed by a period of…

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