Treasurer Wayne Swan has told the ABC he doesn’t agree with the IMF report indicating Australia’s house prices are overvalued by 10 to 15 percent.
“I don’t share its assessment in terms of housing. There is a shortage of housing in Australia. A structural shortage of housing,” he said.
Despite the comments from the Treasurer, data from SQM research released last week showed there are now 362,793 houses listed for sale Australia wide, representing an increase of 24.3 percent when compared to the same period last year.
Melbourne has the biggest change, with 65.3 percent more listings compared to a year ago. SQM Research’s Louis Christopher says ”It represents what I now regard as a massive oversupply situation for the city and I believe it will translate to further house price falls from here,”
With the number of homes for sale increasing, we are starting to see home grown videos surface on the internet eerily similar to 60 minutes footage of the United State’s housing crash.
While the source and location is unverified on this one, it’s believed to be Yamanto in Queensland.
» Swan welcomes ‘enviable’ IMF report – 8th October 2011.
» Australian Homes for Sale Jump 5.6% in September, SQM Says – 6th October 2011.
» Rich pickings for the canny as city prices soften – 8th October 2011.