RP Data research director Tim Lawless says his data shows that Australia's residential property market has "provided superior returns compared to shares, commercial property, superannuation, hedge funds, and private equities".
Note that this blog does not attempt to evaluate such claims, but RP Data should know what they are talking about. It depends what period of time you cover. Shares have done spectacularly over the last five months or so, but they fell disastrously last year, and are still only marginally recovering from those falls. Property has not had the same fall, and is now climbing above values of a year ago.
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