Australia’s housing market is weakening, and Sydney and Melbourne are now clearly falling. National house prices were flat in May, auction clearance rates have dropped sharply, and investors are facing major uncertainty following proposed tax changes in the federal budget.

Sean Aylmer speaks with Tim Lawless, Research Director at Cotality, about what happens next for house prices, renters, investors and first home buyers - and why this downturn looks different from previous housing cycles.