Lies, Damned Lies and Housing Statistics
The RBA believes the Australian housing market wouldn't experience catastrophic effects like those of other OECD countries, especially the US. According to their numbers, house prices are no longer overvalued and mortgage repayments are back to historic averages. Their figures also show there's a housing shortage - despite the ABS figures revealing that 800,000 private homes were unoccupied on Census night. In this paper, Steve Keen digs deeper to look at the statistics to see how accurate a picture it really paints.
