Property Downturn Deepens as Vendors Cut Reserves and Industry Warns of Worst Market in Decades

10% — ANZ's estimate for the national peak-to-trough price correction, which analysts now say could be one of the most severe in the past 40 years. Sydney alone could see prices drop 14.5% before the slump bottoms out; Melbourne, 12.8%.

Money Moves

• Jellis Craig CEO Andrew McCann calls it the worst he's seen — The 30-year real estate veteran says agents are delivering hard truths to vendors and warns job cuts are coming across the sector as...