Labor wants to have a bet each way on house price falls. But if price declines continue – and they will – the political pain will build as the economy slows.

Property values have racked up their biggest fall since Anthony Albanese took office as rates, cost of living and tax changes collide.

Labor wants to have a bet each way on house price falls. But if price declines continue – and they will – the political pain will build as the economy slows.