Australia is not facing a housing bubble - in fact, when it comes to prices we get more than what we're paying for, says BT Financial Group's Chief Economist...

Australia is not facing a housing bubble - in fact, when it comes to prices we get more than what we're paying for, says BT Financial Group's Chief Economist Chris Caton. The myth remains that the ratio of house prices to income is higher in Australia than anywhere else in the developed world. This isn't true, although we are clearly not cheap by world standards. But perhaps it shouldn't surprise if we were the most expensive; Australian houses, measured in terms of floor space per capita, are the biggest in the world. Click here to find out where the Reserve Bank weighs in (VIEW LINK)