So says Don Stammer in an article in The Australian today. "House prices are surging and a bubble mentality is developing in the housing market." He explains the many reasons why Australia avoided the 50% house price crash that is causing so much distress in USA, then gives his prediction for the future.
"I expect the house price boom to run out of puff within the next couple of years as higher interest rates come through and growth in housing lending slows as structural changes in professional money markets curtail the ability of our banks to tap such funds and on-lend to housing here."
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