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A lot of people have been using the term 'bubble' to describe the Australian housing market, others say we don't have one and Former Treasury secretary Martin Parkinson recently suggested it was the wrong question to be asking (i.e. do we have a bubble?), a comment I recently agreed with.
CONTINUED: Defining a Housing Bubble
What I find most interesting at the moment is the Australian city growth comparisons, I haven't looked at much of the data, but in a healthy market I get the impression that the averages should confirm each other. Seeing that Brisbane growth has barely moved, while Perth and Darwin in negative grow does not look good. However my comments are only really based on the ABS june 2015 end of quarter data and the post GFC city growth data that you posted so not really conclusive.
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Good article...The trouble is Australia has some of the highest populated cities per capita the on planet. Melbourne and Sydney's combined population is over 8 million respectively. So if there was a "bubble" in those two major cities, it could severely impact the entire country economically and sociologically. As for many larger regional towns or cities you would expect no impact. As many have had high unemployment and no housing growth for 5 years. So you would expect that to remain unchanged and impervious to any housing bubble. In the past the Fed would lift rates to cool a bubble, but that scenario looks out of the question....