The Australian property bubble is speculation that real estate prices in Australia may (currently) be valued at more than some people think they are worth. This may be a real estate bubble. The bubble has been driven mostly by housing within Australia becoming investment tools instead of necessities. This was driven by the powerful real estate lobby, who heavily lobbied Paul Keating, John Howard and multiple other Australian prime ministers. The Australian property market is a significant bubble. It is arguably the biggest property bubble in the world and with Australia's minute population, it is set to burst in spectacular style as taxation changes are set to be put in. These alterations will include the elimination of negative gearing and returning to previous levels of Capital Gains Tax or CGT (the key driver for the doubling of house prices within a span of 4 years as investors flocked into the market).
A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets. It is characterised by rapid increases in valuations of real property such as housing until they reach unsustainable levels and then decline.
Other articles related to "australian property bubble, australian, australian property":
... Australian Dream Australian property market Home ownership in Australia House price index ...
Famous quotes containing the words bubble, australian and/or property:
“No bubble is so iridescent or floats longer than that blown by the successful teacher.”
—Sir William Osler (18491919)
“The Australian mind, I can state with authority, is easily boggled.”
—Charles Osborne (b. 1927)
“Strange and predatory and truly dangerous, car thieves and muggersthey seem to jeopardize all our cherished concepts, even our self-esteem, our property rights, our powers of love, our laws and pleasures. The only relationship we seem to have with them is scorn or bewilderment, but they belong somewhere on the dark prairies of a country that is in the throes of self-discovery.”
—John Cheever (19121982)