Aug 14, 2026 – 9.00amOn May 30, 1990, one year into a severe property market correction brought on by the unwinding of a credit boom, The Australian Financial Review ran a story under the headline: Property Crisis Worse than The Crash of ’74.Journalist Pam Walkley wrote that mounting evidence suggested the downturn would be far more severe than the two worst property corrections in recent memory in 1982 and 1974.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Michael ReadDeputy economics editorMichael Read is deputy economics editor, reporting from Parliament House, Canberra. He joined the Financial Review in 2021 from the Reserve Bank of Australia. Reach Michael securely @michaelread.14 on Signal.Fetching latest articles
Property downturns rarely last. This one could be different
With rate cuts a distant prospect, housing already unaffordable and significant changes to investor tax breaks, experts say this downturn could be the worst in decades.
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