Poll Results -a slim majority (52.2%) believe Australia is in a housing bubble. Approximately 39.1% believe the bubble will burst in the next 1-5 years while 8.7% foresee a longer timeframe of 5-10 years. Only 4.4% of respondents believe the bubble is due for an imminent burst in the next 12 months. In comparison, 39.1% of those surveyed expect housing prices to stay flat in the future while 8.7% believe housing prices will continue to grow. Although it remains unclear whether prices are due for a correction, it is largely accepted that Australia has one of the most unaffordable housing markets in the world. This is also reflected in the latest ABS biennial housing survey which showed a sharp fall in homeownership from 71% in 1994-5 to 67% in 2011-12 as a result of rising house prices. (VIEW LINK)
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