SYDNEY, Oct. 23 (Xinhua) -- Australia's biggest cities, Sydney and Melbourne have for years experienced notoriously high property prices and that's about to change, according to a report released on Tuesday by Deloitte Access Economics.

"Our house prices here in Australia had streaked past anything sensible by way of valuation," Deloitte partner Chris Richardson told the national broadcaster.

"Now, finally gravity has caught up with that stupidity and prices are falling, in Sydney and Melbourne, housing prices are falling by over 700 U.S. dollars a week."

The report confirms what experts have predicted for some time and with a recent increase in bank interest rates. Richardson said that while not catastrophically, property prices would decline.

"Yes, they're falling but they're not falling at a dangerous rate and it's making them, shifting them, to safer territory."

Deloitte's report also points to overall global growth, including in Australia, with better wage growth an anticipated outcome, as well as higher interest rates.

"It's not as though wage growth or interest rates will roar up, but both of them will slowly move up over time," Richardson said.