Don't look for high-rise house prices

It's true a 'slower fall' in mortgage debt is putting short-term, upward pressure on house prices. But forecasts of a 10 per cent rise would require mortgage debt to hit an unlikely 2-3 per cent of GDP this year.

The ABS house price index data for December 2012 was released last week and confirmed what the private indices had found: that house prices rose by 2.1 per cent in nominal terms over the calendar year, with most of the rise (1.6 per cent) coming in the last quarter.

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