THE risk of a correction in Australian house prices is high by international standards, the International Monetary Fund (IMF) says.
The IMF, which says Australian property is among the most overvalued in the developed world, has warned that about 25 per cent of the increase in house prices between 1997 and 2007 cannot be explained by fundamental economic factors such as population growth and income, The Australian Financial Review reports.
» Risk of local property correction high – news.com.au – 4th April 2008