Australia's housing downturn is accelerating, with Sydney prices falling more than 1 per cent in the past month and Melbourne continuing to weaken.

Sean Aylmer speaks with Jonathan McMenamin, Head of Economic Forecasts at Barrenjoey, about what's driving the correction and how much further prices could fall. They look at why interest rate hikes account for most of the downturn, how recent tax changes have affected investor sentiment, and why Sydney and Melbourne are behaving very differently from Perth and Brisbane.