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The once-in-a-generation property boom is over and 2023 is expected to bring more mortgage pain.

Following extraordinary price growth last year with interest rates at historic lows, 2022 house prices across capital cities have suffered the fastest quarterly decline on record, the latest Domain report shows.

Although buyers gained the upper hand as listings rose and prices softened, affordability has taken a hit from rising mortgage rates and spiralling inflation.

"Many borrowers and potential home buyers had never experienced rate hikes of this magnitude and, justifiably, it has had a jolting impact on sentiment," Domain economist Nicola Powell said on Thursday.

Buyers who took the Reserve Bank at their word, thinking official interest rates were on hold until 2024, have had a wake-up call.

"For many, thousands of dollars have been added to the annual cost of a home loan since rates began to rise, which is challenging for many consumers to absorb," she said.

House prices across the combined capitals have fallen 4.9 per cent from the March 2022 price peak.

The aggressive rise in interest rates since May has also triggered a wave of refinancing by Australians on fixed-rate deals.

But homebuyers still dare to dream with searches for "pool", "waterfront", "beach" and "view" among the most popular.

The biggest sale of the year was $80 million for a 17-bedroom mansion on St Georges Rd in Toorak, Victoria.

For those on a tighter budget and variable rate, the three percentage point rise in interest rates means Australians with a $500,000 mortgage are paying $893 a month more, and those with a $1 million mortgage have to find $1783 more each month.

"Now that prospective buyers are used to the new interest rate environment, they will likely be forward planning buffers for further rate hikes and are more mindful of their lower borrowing capacity," Dr Powell said.

Renters have been stung as the return of tourists and foreign workers pushes rents up in what's already a "landlords' market".

The unit market held up in the smaller capitals with prices in Brisbane, Adelaide and Canberra reaching new peaks, and unit prices holding firmer than house prices across combined capitals.

Separately, CoreLogic head of research Eliza Owen has said the higher rate environment will test housing market conditions in 2023, when the majority of outstanding fixed-term mortgages are expected to expire.

New variable home loan rates for owner occupiers increased from a low of 2.41 per cent in April, to 4.58 per cent in October.

Assuming the November and December rate hikes are passed on in full, this could take average new variable rates to 5.08 per cent.

This may create a "sticker shock" since average fixed-term rates of three years or less bottomed out at 1.95 per cent, she said.

Another two quarter-point interest rate rises are widely expected next year, further eroding borrowing capacity.

Although property prices will continue to fall in 2023, Domain says the softening is unlikely to erase the gains of the pandemic years.

© AAP 2022

Two of Australia's biggest Hollywood exports, Baz Luhrmann and Chris Hemsworth, have walked away with top gongs at this year's AACTA awards.

Luhrmann's Elvis won the coveted Best Film award, on top of a swag of others, while Hemsworth was honoured with this year's Trailblazer Award for his contribution to the industry.

Elvis star Austin Butler won Best Lead Actor for his depiction of the King, alongside Olivia DeJonge who walked away with the award for Best Supporting Actress in Film.

The Australian Academy of Cinema Television Arts held its gala show at the Hordern Pavilion in Sydney on Wednesday, following its industry awards event on Monday.

Luhrmann also received the award for Best Direction, taking the film's total award count to seven.

Mystery Road: Origin similarly cleaned up in the TV categories, winning Best Drama Series as well as Best Actor awards for stars Mark Coles Smith and Tuuli Narkle.

Hemsworth was recognised for giving back to Australia's local film industry from his base in the north coast region of NSW, where he applies his movie star status to attract global productions to Australia.

The Thor actor described it as a "huge honour" as he received the award from AACTA president Russell Crowe.

"I don't take for granted the opportunities the Australian screen industry has afforded me and am excited and proud that the rest of the world is discovering just how great it is to make world-class movies Down Under with our incredible crews and creatives," he said.

"I feel like we are all only really getting started."

Costume and set designer Catherine Martin, who already holds the most Oscars of any Australian for her work on past Luhrmann films, received the Longford Lyell Award for her global contribution and influence.

Teen drama reboot Heartbreak High proved popular with punters, winning three Audience Choice Awards including Best TV Show, Best Actor for Bryn Chapman and Best Actress by Chloe Hayden.

The publicly voted categories continued with Best Digital Creator awarded to TikTok star Kat Clark, and ex-reality star Abbie Chatfield being crowned Australia's Best TV Personality.

The ABC claimed a number of key awards in the television category including Best Children's Program for Bluey, Best Comedy for Shaun Micallef's Mad as Hell, Best Documentary for Miriam Margolyes: Australia Unmasked and Best Lifestyle Program for Gardening Australia.

Other award winners included River, directed by Jennifer Peedom, which took out best documentary.

AACTA chief executive Damian Trewhella described it as a phenomenal year for Australian screen.

"These awards recognise the monumental effort and skill that goes into making a production and honour the hard-working creatives and artists who keep us entertained," he said.

© AAP 2022

David Warner has withdrawn his bid to have his lifetime captaincy ban lifted, accusing the independent panel conducting the review of wanting to publicly lynch him.

In a bombshell development on the eve of the Adelaide Test, Warner also claimed counsel assisting the review had made offensive and unhelpful comments about him during the initial process.

In a lengthy 793-word statement posted on his Instagram page, Warner revealed he had applied to have his leadership ban lifted a fortnight ago.

Under the belief the review would centre more on his own growth since the 2018 ball-tampering saga, Warner said he was dismayed to be told the review would include a cross-examination on the issue.

AAP has been told that process would have included a hearing with members of the media present.

Cricket Australia has since confirmed they supported the 36-year-old's push to have that process changed, but both were on Wednesday told by the independent panel of code-of-conduct commissioners they were holding firm on the matter.

"In effect, counsel assisting, and, it appears, to some extent the review panel, want to conduct a public trial of me and what occurred during the Third Test at Newlands," Warner said.

"They want to conduct a public spectacle to, in the panel's words, have a "cleansing". I am not prepared for my family to be the washing machine for cricket's dirty laundry.

"And the review panel appears determined to expose me and my family to further humiliation and harm by conducting a media circus."

The situation arose after the players' union first pushed for Warner to be able to appeal his ban in February, before CA changed their Code of Conduct last month to allow long-standing bans to be reviewed.

Warner himself also pointed to Article 10.7 of the code, which he claimed stated "that the hearing is not an appeal of the original decision or a new review of the offence".

The opener claimed while the counsel assisting had been removed, the panel had little regard for his or his teammates' welfare in wanting to re-open the case.

"It appears that the panel has given no more than passing consideration to issues of player welfare and the interests of Australian cricket and is instead determined to conduct a public lynching," Warner wrote.

Warner said he felt he had no choice but to drop his application, ending his hopes of ever captaining Australia or a domestic team in the country again.

"Regrettably, I have no practical alternative at this point in time but to withdraw my application," Warner said.

"I am not prepared to subject my family or my teammates to further trauma and disruption by accepting a departure from the way in which my application should be dealt with pursuant to the Code of Conduct.

"Some things are more important than cricket."

In his statement, Warner also remained adamant he had rehabilitated significantly since the ball-tampering saga and he also had deep regret and remorse.

"Since that Test and even though my ban from leadership roles may never be lifted, I have taken it upon myself to reform, to rehabilitate and to transform my approach to the game," he said.

CA confirmed on Wednesday night they had backed Warner on the situation, but question remains over how they allowed the process to be taken so significantly out of their hands.

"We are disappointed with this outcome as our intention was to give David the opportunity to demonstrate why his lifetime leadership ban should be varied at an independent hearing and we amended our Code of Conduct accordingly," a spokesman said.

"We supported David's wish for these discussions to be heard behind closed doors and respect his decision to withdraw his application.

"David is a very senior and highly regarded member of the Australian team who has been a great ambassador for the game as a whole since his return from a year-long ban."

© AAP 2022