Is Australia’s property market going to crash?
Are we headed for the same fate as the USA, Ireland or Spain where property markets crumbled?
Well that’s what some commentators are suggesting.
They say Australia’s property market is a giant speculative bubble propelled by tax breaks, low interest rates and “liar loans” that have led to massive mortgage stress and that it’s all about to go bust, bringing down the banks and the economy with it.
While other, in my mind more informed, commentators say we’re different and we shouldn’t compare Australia’s property markets with overseas markets.
Is this true? Are we really different, or are we just kidding ourselves?
To find out I chat with Australia’s leading housing economist, Dr Andrew Wilson, chief economist of My Housing Market.