House prices fall 7 per cent

Housing prices have fallen about 7 per cent across Australia and 15 per cent in Sydney, Commmonwealth Bank chief executive David Murray told the company's annual meeting. But Murray said any slowdown in mortgage lending would be offset by other factors. Home lending continued, but at a slower rate than in 2003. The bank said it expected compound annual cash earnings per share growth of more than 10 per cent over the next three years, and that cash earnings should be significantly higher in 2005.