"Congratulations to Australia for having the biggest housing market relative to the size of its economy"

From Mish Talk:

Australia's Housing Market Over 4 Times Size of Economy, US is Under 2

Congratulations to Australia for having the biggest housing market relative to the size of its economy.

BusinessWeek notes the value of the Australia's homes has ballooned to A$7.3 trillion ($5.6 trillion) -- or more than four times gross domestic product.

Not even the U.S. and U.K. markets achieved such heights at their peaks a decade ago before prices spiraled lower and dragged their economies with them.
“The risk is that it leaves the Australian economy extremely exposed, and a minor shock could become far more significant,” said Daniel Blake, an economist at Morgan Stanley in Sydney.

For How Much Longer?

ABC News Australia reports Sydney property goes cold as 'Chinese capital flows fall'.

...MUCH MORE