Global finance: what are the impacts of house price falls in Sydney and Melbourne?

The house price booming time is over and we're now officially experiencing the fall, according to Deloitte Access Economics’ latest business outlook. In Sydney and Melbourne, housing prices are falling by over $1,000 a week," said Deloitte partner Chris Richardson. Is the fall is greater than expected, and who would be hit most among our community? Ivan invited Kam Yuen, the director of CoWealth, to explain more.

Home prices in our capital cities have fallen on an annual basis for the first time in six years. (AAP) Source: AAP