The housing rally to have, when you're not having a rally

The current ‘booming market’ involves almost the lowest level of housing sales volume since 2002. It’s almost certainly a reason why last week’s ABS data showed prices petering out.

In October last year, when the first signs that Australian nominal house prices were rising again after falling since June 2010, I argued that this was going to be a “suckers’ rally” (Riding the great debt elevator, October 8, 2012).

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