If you hear anyone talking about “the housing market”, ask them “which one?” Australia DOES NOT have a housing market – it has many, and they are very different, as this chart from HSBC shows.
It’s true that most of us live in Sydney and Melbourne, and they are the ones most people mean when they talk about the housing market being too hot, or in a bubble. And maybe Sydney is, except you only know about a bubble when it bursts. Until it bursts, it’s merely demand exceeding supply, and sometimes that can last (iPhones, for example).
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