Housing hopes: Will the souffle rise twice?

Are rising prices based on fundamentals or growing debt? BIS data places trends for Australian property debt in the same group as the US, Spain and Japan.

My previous post on house price data from the BIS (How to spot a housing bubble before it bursts, October 15) scotched one part of the ‘No Bubble Downunder’ case: Australia is one of four countries where house prices are more than twice as high as they were in real terms in 1985 (see Figure 1).

Figure 1: The Bubble Contenders

Graph for Housing hopes: Will the souffle rise twice?



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