Housing Downturn Accelerates as NAB Slashes Forecasts and Buyers Freeze

3.3% — Sydney house prices plunged this much in the June quarter, the largest quarterly decline at the start of any downturn in 30 years of data. Melbourne wasn't far behind at 1.4% monthly drops. The correction everyone predicted is now faster than anyone forecast.

Money Moves

• NAB downgrades forecasts — The bank now expects dwelling prices to decline 5% across capital cities this year, more than double its earlier 2% prediction, with...