Sydney and Melbourne property prices could tumble by 10 per cent or more in the next six months with Commonwealth Bank economists warning coronavirus pandemic economic shutdowns will make a house correction "inevitable".

The bank said on Friday it believes prices in Sydney could be down 10 per cent by October while in Melbourne they are likely to be off by 11 per cent as higher unemployment, falling rents and a dearth of foreign buyer interest combine to hit these key markets.

The Commonwealth Bank believes house prices in Sydney and Melbourne could fall by at least 10 per cent in the next six months. Credit:Arsineh Houspian

Other capital cities are also likely to see major corrections. The CBA is forecasting 10 per cent falls in Darwin and Canberra, 8 per cent drops in Adelaide, Brisbane and Hobart and a 7 per cent decline in Perth.

The bank's head of Australian economics, Gareth Aird, said there were a series of headwinds facing the property market that would all result in downward pressure on prices.