Australian real estate figure Tom Panos has warned that the country's housing market is now in a worse state than during the recession of the early 1990s, following a weekend of weak auction results. His comments point to mounting concern among industry watchers that current conditions—affecting buyers, sellers and the broader economy—may be more severe than those experienced during one of Australia's most difficult economic downturns.

The specific figures and details behind Panos's warning were not available in the source material provided, though the comparison to the 1990s recession, a period marked by high interest rates, unemployment and falling property values, underscores the seriousness of his assessment. His remarks come amid wider scrutiny of Australia's property sector, with auction clearance rates and sales activity cited as key indicators of the current downturn.