PHOTO: House sold sign outside a row of terraces in the inner-Sydney suburb of Glebe

The latest figures on the property market have revealed a sustained downturn. Some economists are predicting falls of up to 20 per cent before the market bottoms out in a year or more’s time. A decline in foreign, as well as local investors, in combination with a tightening of credit from the banks is causing a significant – some say historic – slide. But one economist says there is “no evidence of widespread panic selling.”