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Commonwealth countries have the most overpriced properties

Commonwealth nations see some of the most overpriced homes in the world.
This summer, a number of Commonwealth nations will come together in Glasgow, Scotland, to celebrate all the history they share at the Commonwealth Games, but it seems a number have something less celebratory in common.

According to a new study from the Organisation for Economic Co-operation & Development (OECD), Commonwealth countries have some of the most overpriced homes in the world.

Some of the worst offenders include Canada, the UK, New Zealand and Australia, where many younger people struggle to get onto the property ladder thanks to inflated valuations. 

In New Zealand, Canada and Australia in particular, the OECD that prices had continued to power forward in the last year when they should have been starting to cool off at long last. 

The measure from the OECD suggests that home prices in Australia remain 6.6 per cent higher than they should be at the current time, so it could well be time for decision makers to look at ways to bring them down again.

Posted by Steve Douglas

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