Nov
26
Aussie Housing Market Is Four Times the Size of Economy
ByNot even the U.S. and U.K. markets achieved such heights at their peaks
Australia’s housing market dwarfs its economy after five years of red-hot price growth. The value of the nation’s homes has ballooned to A$7.3 trillion ($5.6 trillion) — or more than four times gross domestic product. Not even the U.S. and U.K. markets achieved such heights at their peaks a decade ago before prices spiraled lower and dragged their economies with them. “The risk is that it leaves the Australian economy extremely exposed, and a minor shock could become far more significant,” said Daniel Blake, an economist at Morgan Stanley in Sydney…
Aussie Housing Market Is Four Times the Size of Economy
