| Bureaucratic obstacles are helping prop up Australia’s $4.5 trillion housing market and neutralising the biggest risk to the country’s mortgage bonds.
While affordability measures such as household debt and home cost-to-income multiples exceed peaks seen in the U.S., U.K. and Spain, prices in Australia are showing signs of stabilising after dropping 7.6 per cent from their November 2010 high. That’s because there’s one missing ingredient for a property collapse: oversupply...............................................Full Article: Source |