Real estate to suffer ten percent pandemic hit, ANZ warns as incomes tighten and jobless rate spikes

Australian property prices are in for a potential hammering, as the pandemic hits pay packets, and jobless queues grow. 

Research by ANZ Bank sees price falls of 13 percent in Sydney, Melbourne and Hobart as borrowers confront falling incomes and rising unemployment. 

ANZ senior economist Felicty Emmett tells ABC's Peter Ryan the official ABS employment rate masks great uncertainty in the economy.