An economist has warned that Australia's property market, particularly in Sydney and Melbourne, is facing its most significant price correction in four decades. The prediction highlights growing concern that years of strong house price growth are set to reverse sharply, with warnings aimed at prospective buyers and homeowners about the scale of the expected downturn.

According to the economist, the upper end of the housing market is expected to be hit hardest, described as set to be "spanked" as prices adjust. The article frames this as part of a broader shift in Australia's property landscape, though specific figures and the precise timeline for the correction were not detailed in the available text.