Foreign Buyers Spooked

So says Sydney Morning Herald's Business Day, suggesting that overseas fund managers are concerned about the sustainability of a surge in prices over the past year. A survey in The Economist assesses Australian property as being the most over-valued of the twenty countries it tracks in Europe, Asia, and North America.
Mr Johnson, banking analyst for CLSA, is quoted as saying the catalyst for a meaningful correction in Australian house prices woud be rising interest rates, rather than unemployment. Interesting times!