It’s no secret that Australia is experiencing a downturn in the property market. But for Aussies who own their own home or have a mortgage, there’s worse news. Many believe calling it a downturn is foolishly optimistic – the slump we are in is more like falling off a cliff. On 60 MINUTES, Tom Steinfort speaks with real estate and finance experts who predict property prices could slide by as much as 40 per cent in the next year. And if they’re right and numbers like that eventuate, there’s only one certainty: our entire economy faces catastrophe.
Reporter: Tom Steinfort
Producers: Gareth Harvey, Joel Tozer

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For forty years, 60 Minutes have been telling Australians the world’s greatest stories. Tales that changed history, our nation and our lives. Reporters Liz Hayes, Allison Langdon, Tara Brown, Charles Wooley, Liam Bartlett and Tom Steinfort look past the headlines because there is always a bigger picture. Sundays are for 60 Minutes.