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REIA welcomes RBA's rejection of 'housing bubble'

Claims from the Reserve Bank of Australia that a 'housing bubble' does not exist in the country have been welcomed by the Real Estate Institute of Australia.

The Real Estate Institute of Australia (REIA) has welcomed the Reserve Bank of Australia's (RBA) claims that a 'housing bubble' does not exist in the country.

Last week, the RBA released a research paper titled Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study.

This concluded that the ratio of household income to house prices has remained relatively flat for a number of years.

David Airey, president of the REIA, said: "While the doomsayers continue to put a negative spin on Australia's property market, REIA has continued to explain that what we are experiencing in the housing market is normal growth for house prices."

He went on to say that, if Australia is in the midst of a housing bubble, then it has been in one for some time.

Earlier this month, the Commonwealth Bank suggested in a presentation lodged with the Australian Securities Exchange that it is highly unlikely that the property market in Australia will experience another crash.

Posted by Ravin Chatlani

- housing, bubble, RBA, REIA, Airey, property

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