"Australian house prices remain the most overvalued in the world, according to the latest quarterly ranking of global house prices by The Economist magazine.
Based on a historical gauge of home prices to rents between 1975-2010, the magazine estimates that Australian residences are 56 per cent over-valued, exceeding the 54 per cent over-priced rate in Hong Kong and 48 per cent in France.
"There may be good reasons for Australian prices to have risen so far, but people made similar, and ultimately incorrect, arguments for the run-up in prices in the West,"The Economist said in a statement accompanying the survey's release."
See SMH
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1 comment:
why does everyone always discuss the "article about the article" rather than the article itself??
the SMH story is a lot more alarming than the economist story. the economst story even argues that the 56% headline figure might be wrong.. but the SMH story doesn't even mention this.
http://www.economist.com/blogs/freeexchange/2011/03/australias_house_prices
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