"the housing correction we had to have" - Deloitte Access Economics partner Chris Richardson predicts more house price falls in Sydney and Melbourne

With housing prices in Sydney and Melbourne bracing for more falls, Deloitte Access Economics partner Chris Richardson says "it's the correction we had to have". 

In its latest business outlook, Deloitte says prices are falling back especially in Sydney and Melbourne after interest rate rises independent of the Reserve Bank, tighter lending standards and caps on investor lending by the banking regulator APRA. 

Here's my report from this morning's AM program