Prepare for a sharp house price punishment

As demographics turn against the housing market and a terms-of-trade boom recedes, foreign buyers and SMSFs are unlikely to fill the gap. There’s every chance values will fall painfully.

The housing debate heated up this week with spirited discussion between Professor Steve Keen and Christopher Joye on both Business Spectator and The Australian Financial Review. Though some of the economic message may be lost among the personal politics, households and investors should heed their basic warning: house prices are increasingly overvalued and are at a genuine risk of falling sharply in the years ahead.

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