Sydney and Melbourne have been a drag on the nation's home prices and more falls are predicted this year, AMP Chief Economist Shane Oliver says.
Home prices in Australia's two largest housing markets of Sydney and Melbourne are falling, and and more falls are expected later in the year.
So far this year, home values in Sydney are down 1.9 per cent, and down 0.5 per cent in Melbourne, the latest data from property analytics group CoreLogic shows.
Over the same period, prices fell one per cent across the five largest capital cities.
AMP Capital's chief economist Shane Oliver said the two largest cities have been a drag on the national housing market this year, weighed down by tightening of lending standards and more realistic price expectations by home buyers.
He predicts that Sydney and Melbourne property prices will fall another five per cent or so this year with further falls likely next year.
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