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class="vector-toc-numb">2</span> <span>Rising house prices</span> </div> </a> <button aria-controls="toc-Rising_house_prices-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Rising house prices subsection</span> </button> <ul id="toc-Rising_house_prices-sublist" class="vector-toc-list"> <li id="toc-Influence_of_planning_laws" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Influence_of_planning_laws"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Influence of planning laws</span> </div> </a> <ul id="toc-Influence_of_planning_laws-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Influence_of_tax_system" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Influence_of_tax_system"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Influence 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href="#Immigration_to_Australia"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Immigration to Australia</span> </div> </a> <ul id="toc-Immigration_to_Australia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Foreign_investment_in_residential_property" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Foreign_investment_in_residential_property"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Foreign investment in residential property</span> </div> </a> <ul id="toc-Foreign_investment_in_residential_property-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Government_inquiries_related_to_housing" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Government_inquiries_related_to_housing"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Government inquiries related to housing</span> </div> </a> <ul id="toc-Government_inquiries_related_to_housing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effect_of_inflated_housing_prices_on_the_greater_economy" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Effect_of_inflated_housing_prices_on_the_greater_economy"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Effect of inflated housing prices on the greater economy</span> </div> </a> <button aria-controls="toc-Effect_of_inflated_housing_prices_on_the_greater_economy-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Effect of inflated housing prices on the greater economy subsection</span> </button> <ul id="toc-Effect_of_inflated_housing_prices_on_the_greater_economy-sublist" class="vector-toc-list"> <li id="toc-Diverting_capital_away_from_the_rest_of_the_economy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Diverting_capital_away_from_the_rest_of_the_economy"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Diverting capital away from the rest of the economy</span> </div> </a> <ul id="toc-Diverting_capital_away_from_the_rest_of_the_economy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mortgage_and_rent_stress" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mortgage_and_rent_stress"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Mortgage and rent stress</span> </div> </a> <ul id="toc-Mortgage_and_rent_stress-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Australian_specific_market_factors" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Australian_specific_market_factors"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Australian specific market factors</span> </div> </a> <ul id="toc-Australian_specific_market_factors-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Timeline" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Timeline"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Timeline</span> </div> </a> <button aria-controls="toc-Timeline-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Timeline subsection</span> </button> <ul id="toc-Timeline-sublist" class="vector-toc-list"> <li id="toc-1980s–2009" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1980s–2009"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>1980s–2009</span> </div> </a> <ul id="toc-1980s–2009-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2010s" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2010s"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>2010s</span> </div> </a> <ul id="toc-2010s-sublist" class="vector-toc-list"> <li id="toc-2010" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2010"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.1</span> <span>2010</span> </div> </a> <ul id="toc-2010-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2011" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2011"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.2</span> <span>2011</span> </div> </a> <ul id="toc-2011-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2012" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2012"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.3</span> <span>2012</span> </div> </a> <ul id="toc-2012-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2013" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2013"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.4</span> <span>2013</span> </div> </a> <ul id="toc-2013-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2014" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2014"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.5</span> <span>2014</span> </div> </a> <ul id="toc-2014-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2015" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2015"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.6</span> <span>2015</span> </div> </a> <ul id="toc-2015-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2016" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2016"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.7</span> <span>2016</span> </div> </a> <ul id="toc-2016-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2017" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2017"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.8</span> <span>2017</span> </div> </a> <ul id="toc-2017-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2018" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2018"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.9</span> <span>2018</span> </div> </a> <ul id="toc-2018-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2019" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2019"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.10</span> <span>2019</span> </div> </a> <ul id="toc-2019-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-2020s" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2020s"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>2020s</span> </div> </a> <ul id="toc-2020s-sublist" class="vector-toc-list"> <li id="toc-2020" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2020"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3.1</span> <span>2020</span> </div> </a> <ul id="toc-2020-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2021" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2021"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3.2</span> <span>2021</span> </div> </a> <ul id="toc-2021-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" 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typeof="mw:File/Thumb"><a href="/wiki/File:20100517_Australian_House_Price_Index_1986_-_2009.pdf" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c2/20100517_Australian_House_Price_Index_1986_-_2009.pdf/page1-350px-20100517_Australian_House_Price_Index_1986_-_2009.pdf.jpg" decoding="async" width="350" height="248" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c2/20100517_Australian_House_Price_Index_1986_-_2009.pdf/page1-525px-20100517_Australian_House_Price_Index_1986_-_2009.pdf.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c2/20100517_Australian_House_Price_Index_1986_-_2009.pdf/page1-700px-20100517_Australian_House_Price_Index_1986_-_2009.pdf.jpg 2x" data-file-width="1752" data-file-height="1239" /></a><figcaption>Chart 1: House Price Index and CPI. Source ABS</figcaption></figure> <p>The <b>Australian property bubble</b> is the <a href="/wiki/Economic_theory" class="mw-redirect" title="Economic theory">economic theory</a> that the <a href="/wiki/Australian_property_market" title="Australian property market">Australian property market</a> has become or is becoming significantly overpriced and due for a significant downturn (also called a <a href="/wiki/Market_correction" title="Market correction">correction</a> or <a href="/wiki/Economic_collapse" title="Economic collapse">collapse</a>). Since the early 2010s, various commentators, including one Treasury official,<sup id="cite_ref-ReferenceB_1-0" class="reference"><a href="#cite_note-ReferenceB-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> have claimed the Australian property market is in a significant bubble. </p><p>Various industry professionals have argued that it is not a bubble and that house prices have the potential to keep rising in line with income growth. The RBA believe that most of the recent rise in property prices since the 1980s, when interest rates have decreased from medium term record highs to record lows, as a transmission mechanism to generate the wealth effect and stimulate the economy.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>A <a href="/wiki/Real-estate_bubble" title="Real-estate bubble">real-estate bubble</a> is a form of <a href="/wiki/Economic_bubble" title="Economic bubble">economic bubble</a> normally characterised by a rapid increase in market prices of <a href="/wiki/Real_property" title="Real property">real property</a> until they reach unsustainable levels relative to incomes and rents, and then decline. Australian house prices rose strongly relative to incomes and rents during the late 1990s and early 2000s; however, from 2003 to 2012 the price to income ratio and price to rent ratio both remained fairly steady, with house prices tracking income and rent growth during that decade. Since 2012 prices have once again risen strongly relative to incomes and rents.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> In June 2014, the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) reported that house prices in several developed countries are "well above the historical averages" and that Australia had the third highest house price-to-income ratio in the world.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In June 2016, the <a href="/wiki/Organisation_for_Economic_Co-operation_and_Development" class="mw-redirect" title="Organisation for Economic Co-operation and Development">Organisation for Economic Co-operation and Development</a> (OECD) reported that Australia's housing boom could end in 'dramatic and destabilising' real estate hard landing.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Australian_property_market">Australian property market</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=1" title="Edit section: Australian property market"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Australian_property_market" title="Australian property market">Australian property market</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Melbourne_Median_vs_Wages_1960_to_2023.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Melbourne_Median_vs_Wages_1960_to_2023.jpg/220px-Melbourne_Median_vs_Wages_1960_to_2023.jpg" decoding="async" width="220" height="115" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Melbourne_Median_vs_Wages_1960_to_2023.jpg/330px-Melbourne_Median_vs_Wages_1960_to_2023.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Melbourne_Median_vs_Wages_1960_to_2023.jpg/440px-Melbourne_Median_vs_Wages_1960_to_2023.jpg 2x" data-file-width="3150" data-file-height="1650" /></a><figcaption></figcaption></figure> <p>The Australian property market saw an average real price increase of around 0.5% per annum from 1890 to 1990, approximately matching CPI. Since the 1990s, however, prices have risen faster resulting in an elevated price to income ratio.<sup id="cite_ref-history_6-0" class="reference"><a href="#cite_note-history-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>In the late 2000s, house prices in Australia, relative to incomes, were at elevated levels similar to many comparable countries, prompting speculation that Australia was experiencing a real estate bubble like other comparable countries. Since then, several comparable countries have experienced property crashes. </p> <div class="mw-heading mw-heading2"><h2 id="Rising_house_prices">Rising house prices</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=2" title="Edit section: Rising house prices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>All capital cities have seen strong increases in property prices since about 1998. Sydney and Melbourne have seen the largest price increases, with house prices rising 105% and 93.5% respectively since 2009. These massive increases in house prices coincide with record low wage growth, record low interest rates and record household debt equal to 130% of GDP. This indicates unsustainable growth in property, driven by ever higher debt levels fuelled by the RBA's then chief, Glenn Stevens who began cutting rates beginning in 2011.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2024)">citation needed</span></a></i>]</sup> </p><p>The <i>Housing Affordability in Australia - Good house is hard to find</i> report stated that "the average house price in the capital cities is now equivalent to over eight years of average earnings; up from three in the 1950s to the early 1980s.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Some factors that may have contributed to the increase in property prices include: </p> <ul><li>greater availability of credit due to financial deregulation.</li> <li>low interest rates since 2008, increasing borrowing capacity to borrow due to lower repayments.</li> <li>limited government release of new land (reducing supply).<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li> <li>the average floor area of new houses has increased by up to 53.8% in the 18 years from 1984–85 to 2002–03.<sup id="cite_ref-ABS_9-0" class="reference"><a href="#cite_note-ABS-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup></li> <li>a tax system that favours investors and existing home owners, with policies such as <a href="/wiki/Negative_gearing" title="Negative gearing">negative gearing</a> and <a href="/wiki/Capital_gain_tax" class="mw-redirect" title="Capital gain tax">capital gain tax</a> discounts.</li> <li>government restrictions on the use of land preventing higher density land use.</li> <li>government restrictions on greenfield development designed to encourage "urban densification".</li> <li>high population growth (about double the world average in 2010- see Population growth rates chart).<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></li> <li>2008 foreign investment rule changes for temporary visa holders.<sup id="cite_ref-ReferenceA_12-0" class="reference"><a href="#cite_note-ReferenceA-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup></li> <li>introduction by local councils of upfront infrastructure levies in the early 2000s.</li> <li>implementation of government schemes such as the first home buyers and first home builders schemes, which increase demand and therefore prices (supply and demand).</li></ul> <div class="mw-heading mw-heading3"><h3 id="Influence_of_planning_laws">Influence of planning laws</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=3" title="Edit section: Influence of planning laws"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Beginning in the 1980s, Australian states (who under the Constitution have control of environmental and land use issues) started progressively implementing more rigid planning laws that regulated the use of land.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Planning laws often concentrated, after the 1990s, on restricting greenfield development in favour of "urban densification", or infill development.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ipa.org.au_15-0" class="reference"><a href="#cite_note-ipa.org.au-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Land rationing is a system of banning development in all but designated areas, and can lead to extreme land price inflation if insufficient land is designated as allowed to be developed.<sup id="cite_ref-ipa.org.au_15-1" class="reference"><a href="#cite_note-ipa.org.au-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> The restrictive planning laws in Australia have used land rationing systems as part of the goal of restricting greenfield development in favour of infill development, but this inevitably lead to land prices, and thus house prices, rising significantly.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> There is good evidence to suggest that the price of a new unit of housing is the ultimate anchor of all housing in an area, so when planning laws that implemented land rationing severely drove up the cost of new homes, all other homes followed suit.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2020)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Influence_of_tax_system">Influence of tax system</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=4" title="Edit section: Influence of tax system"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Chart_comparative_population_growth_2010.pdf" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Chart_comparative_population_growth_2010.pdf/page1-300px-Chart_comparative_population_growth_2010.pdf.jpg" decoding="async" width="300" height="212" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Chart_comparative_population_growth_2010.pdf/page1-450px-Chart_comparative_population_growth_2010.pdf.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Chart_comparative_population_growth_2010.pdf/page1-600px-Chart_comparative_population_growth_2010.pdf.jpg 2x" data-file-width="1752" data-file-height="1239" /></a><figcaption> Chart: % Population Growth. Australia - high growth rate strategy at 2.1% in 2010 - source Wikipedia & ABS.</figcaption></figure> <p>The <a href="/wiki/Reserve_Bank_of_Australia" title="Reserve Bank of Australia">Reserve Bank of Australia</a> has noted that there are "a number of areas in which the taxation treatment in Australia is more favourable to investors than is the case in other countries."<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The main tax incentives include tax deductions for losses on investment properties, even those that have been <a href="/wiki/Negative_gearing" title="Negative gearing">negatively geared</a>, and the 50% discount on <a href="/wiki/Capital_gains" class="mw-redirect" title="Capital gains">capital gains</a> on sale of investments properties. </p><p>Investors using their superannuation for property investments have a tax advantage compared to 'savers' who are effectively taxed up to 45% (the top marginal taxation rate) on income from bank interest or bonds, as superannuation contributions are normally only taxed at around 15%.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2024)">citation needed</span></a></i>]</sup> </p><p>The list of tax payer funded supports to the property market are numerous </p> <ul><li>Federal <ul><li>Capital Gains Discount</li> <li>Negative Gearing</li> <li>Aged Pension Asset Test exclusion of Principal Home</li> <li>First Home Super Scheme (Discounted Tax Treatment of Voluntary Contributions)</li></ul></li> <li>State <ul><li>Stamp Duty Discounts <ul><li>First Home Owner Stamp Duty Exemption</li> <li>Land tax option alternative to Stamp Duty</li></ul></li></ul></li> <li>Temporary supports <ul><li>HomeBuilder (Federal) - originally budgeted at $680m, estimated actual cost over $2 billion due to oversubscription</li></ul></li></ul> <div class="mw-heading mw-heading3"><h3 id="Influence_of_banking_system">Influence of banking system</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=5" title="Edit section: Influence of banking system"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The influence of interest rates and banking policy on property prices has been noted. The financial deregulation has led to greater availability of credit and a variety of financial products and options. Presently the Reserve Bank of Australia has maintained for some time a low cash interest rate policy which has also reduced the cost of financing property purchase. In addition, the easy availability of interest-only loans has also made possible for property investors to borrow to purchase a property and compounding the benefits of negative gearing. </p> <div class="mw-heading mw-heading3"><h3 id="Housing_costs_excluded_from_the_CPI">Housing costs excluded from the CPI</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=6" title="Edit section: Housing costs excluded from the CPI"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>One of the market distortions in the housing market relates to the calculation of the Consumer Price Index [CPI], a key metric the RBA uses to make fiscal policy decisions such as setting interest rates. One senior economist noted "The index ignores price changes in the single biggest purchase a person (or household) is likely to make in their lifetime – a dwelling″.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2024)">citation needed</span></a></i>]</sup> This implies that Australia's main official cost of living measure is failing to represent actual living costs, particularly for younger Australians who may incur substantial costs of purchasing a home.<sup id="cite_ref-Inflation_data_very_poor_cost_of_living_measure_due_to_house_price_exclusion_18-0" class="reference"><a href="#cite_note-Inflation_data_very_poor_cost_of_living_measure_due_to_house_price_exclusion-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Immigration_to_Australia">Immigration to Australia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=7" title="Edit section: Immigration to Australia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A number of economists, such as <a href="/wiki/Macquarie_Bank" class="mw-redirect" title="Macquarie Bank">Macquarie Bank</a> analyst Rory Robertson, assert that high immigration and the propensity of new arrivals to cluster in the capital cities is exacerbating the nation's housing affordability problem.<sup id="cite_ref-lo_19-0" class="reference"><a href="#cite_note-lo-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> According to Robertson, Federal Government policies that fuel demand for housing, such as the currently high levels of immigration, as well as capital gains tax discounts and subsidies to boost fertility, have had a greater impact on housing affordability than land release on urban fringes.<sup id="cite_ref-wade_20-0" class="reference"><a href="#cite_note-wade-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>The Productivity Commission Inquiry Report No. 28 First Home Ownership (2004) also stated, in relation to housing, "that Growth in immigration since the mid-1990s has been an important contributor to underlying demand, particularly in Sydney and Melbourne."<sup id="cite_ref-Microsoft_Word_-_prelims.doc_21-0" class="reference"><a href="#cite_note-Microsoft_Word_-_prelims.doc-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> This has been exacerbated by Australian lenders relaxing credit guidelines for temporary residents, allowing them to buy a home with a 10% deposit. </p><p>The RBA in its submission to the same PC Report also stated "rapid growth in overseas visitors such as students may have boosted demand for rental housing".<sup id="cite_ref-Microsoft_Word_-_prelims.doc_21-1" class="reference"><a href="#cite_note-Microsoft_Word_-_prelims.doc-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> However, in question in the report was the statistical coverage of resident population. The "ABS population growth figures omit certain household formation groups – namely, overseas students and business migrants who do not continuously stay for 12 months in Australia."<sup id="cite_ref-Microsoft_Word_-_prelims.doc_21-2" class="reference"><a href="#cite_note-Microsoft_Word_-_prelims.doc-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> This statistical omission lead to the admission: "The Commission recognises that the ABS resident population estimates have limitations when used for assessing housing demand. Given the significant influx of foreigners coming to work or study in Australia in recent years, it seems highly likely that short-stay visitor movements may have added to the demand for housing. However, the Commissions are unaware of any research that quantifies the effects."<sup id="cite_ref-Microsoft_Word_-_prelims.doc_21-3" class="reference"><a href="#cite_note-Microsoft_Word_-_prelims.doc-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Some individuals and interest groups have also argued that immigration causes overburdened infrastructure.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Foreign_investment_in_residential_property">Foreign investment in residential property</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=8" title="Edit section: Foreign investment in residential property"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In December 2008, the federal government introduced legislation relaxing rules for foreign buyers of Australian property. According to FIRB (Foreign Investment Review Board) data released in August 2009, foreign investment in Australian real estate had increased by more than 30% year to date. One agent said that "overseas investors buy them to <a href="/wiki/Land_banking" title="Land banking">land bank</a>, not to rent them out. The houses just sit vacant because they are after <a href="/wiki/Capital_growth" class="mw-redirect" title="Capital growth">capital growth</a>."<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>In April 2010, the government announced amendments to policies to "ensure that foreign non-residents can only invest in Australian real estate if that investment adds to the housing stock, and that investments by temporary residents in established properties are only for their use whilst they live in Australia."<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>Under the rules, temporary residents and foreign students will be: </p> <ul><li>Screened by the Foreign Investment Review Board to determine if they will be allowed to buy a property.</li> <li>Forced to sell property when they leave Australia.</li> <li>Punished if they do not sell by a government-ordered sale plus confiscation of any capital gain.</li> <li>Required to build on vacant land within two years of purchase to stop "land banking".</li></ul> <p>Failure to do this would also lead to a government-ordered sale.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>Several Australian Banks and lenders provide home loans to non-residents for the purchase of Australian real estate. This is also thought by some to have contributed to the increases in Australia's property prices. </p> <div class="mw-heading mw-heading2"><h2 id="Government_inquiries_related_to_housing">Government inquiries related to housing</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=9" title="Edit section: Government inquiries related to housing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2002, the government initiated a Productivity Commission Inquiry into the homes ownership in Australia. The commission's report entitled "First Home Ownership"<sup id="cite_ref-pc.gov.au_27-0" class="reference"><a href="#cite_note-pc.gov.au-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> observed <i>inter alia</i> that "general taxation arrangements [capital gains tax, negative gearing, capital works deductions and depreciation provisions] have lent impetus to the recent surge in investment in rental housing and consequent house price increases."<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2024)">citation needed</span></a></i>]</sup> </p><p>The government's response to the report stated that "There is no conclusive evidence that the tax system has had a significant impact on house prices."<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>In 2008, another study was commissioned – the 2008 Senate Select Committee on Housing Affordability in Australia.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> The report noted that "On some measures, housing affordability is at a record low. </p><p>"Australia's Future Tax System" (AFTS) review, more commonly known as the "Henry Tax Review", made a number of recommendations that would have impacted on the housing market, including: </p> <ul><li>introduction of land tax "on all land ... removing disincentives for institutional investment in rental property",</li> <li>that "transfer taxes on property should be reduced, and ultimately removed",</li> <li>a move to "more neutral personal income tax treatment of private residential rental investment . . through a 40 per cent discount on all net residential rental income and losses, and capital gains."<sup id="cite_ref-treasury.gov.au_30-0" class="reference"><a href="#cite_note-treasury.gov.au-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup></li></ul> <p>In regard to recommendations of changes to tax policy that might impact the housing market, the Government advised "that it will not implement the following policies at any stage" (excerpt of list): </p> <ul><li>include the family home in means tests (see Rec 88c),</li> <li>introduce land tax on the family home – this is a state tax and thus an issue for the states (see Rec 52 & 53),</li> <li>reduce the CGT discount, apply a discount to negative gearing deductions, or change grandfathering arrangements for CGT (see Rec 14 & 17c)<sup id="cite_ref-deewr.gov.au_31-0" class="reference"><a href="#cite_note-deewr.gov.au-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></li></ul> <p>In May 2015, the House of Representatives Standing Committee on Economics started an Inquiry into Home Ownership. Almost two years later the announcement was made that the Inquiry had made no recommendations whatsoever.<sup id="cite_ref-Housing_Affordability:No_Recommendations_from_Inquiry_32-0" class="reference"><a href="#cite_note-Housing_Affordability:No_Recommendations_from_Inquiry-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>In 2017, a <a href="/wiki/Royal_Commission_into_Misconduct_in_the_Banking,_Superannuation_and_Financial_Services_Industry" title="Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry">Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry</a> was established. Hearings into banking misconduct began on 13 March. </p> <div class="mw-heading mw-heading2"><h2 id="Effect_of_inflated_housing_prices_on_the_greater_economy">Effect of inflated housing prices on the greater economy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=10" title="Edit section: Effect of inflated housing prices on the greater economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Diverting_capital_away_from_the_rest_of_the_economy">Diverting capital away from the rest of the economy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=11" title="Edit section: Diverting capital away from the rest of the economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Increased residential housing costs can cause excessive lending to the residential housing sector, at the expense of businesses. This can lead to "a banking system which allocated capital away from the most productive areas of the economy — business — is ultimately bad for growth, bad for competition, bad for jobs, bad for business and in the end, bad for Australia."<sup id="cite_ref-Crikey_33-0" class="reference"><a href="#cite_note-Crikey-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>Research conducted in overseas markets confirms that "in areas with high housing appreciation, banks increase the amount of mortgage lending and decrease the amount of commercial lending as a fraction of their total assets. This allocation results in firms receiving reduced loan amounts, paying higher interest rates, and reducing investment."<sup id="cite_ref-Do_Asset_Price_Bubbles_have_Negative_Real_Effects?_34-0" class="reference"><a href="#cite_note-Do_Asset_Price_Bubbles_have_Negative_Real_Effects?-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Mortgage_and_rent_stress">Mortgage and rent stress</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=12" title="Edit section: Mortgage and rent stress"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Australian_rental_crisis" class="mw-redirect" title="Australian rental crisis">Australian rental crisis</a></div> <p>Increased housing prices and therefore increased borrowings can lead to difficulty in meeting housing payments. According to Ratings agency Standard & Poor's (S&P), "Arrears for sub-prime loans backing RMBS [residential mortgage-backed securities] jumped 126 basis points to 11.45 per cent"<sup id="cite_ref-Mortgage_holders_showing_stress_35-0" class="reference"><a href="#cite_note-Mortgage_holders_showing_stress-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Australian_specific_market_factors">Australian specific market factors</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=13" title="Edit section: Australian specific market factors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Unreferenced plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Australian_property_bubble" title="Special:EditPage/Australian property bubble">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Australian+property+bubble%22">"Australian property bubble"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Australian+property+bubble%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Australian+property+bubble%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Australian+property+bubble%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Australian+property+bubble%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Australian+property+bubble%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">November 2024</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The Australian market had several features either singly or together are not typical in other housing markets, being; </p> <ul><li>Very constricted land supply and extremely onerous planning approval processes</li> <li>Unusually high stamp duties</li> <li>High proportion of variable rate mortgage loans compares to past housing bubbles outside of Australia, making borrowers more vulnerable to rising interest rates</li> <li>Income Tax relief through negative gearing</li> <li>Social security (Centrelink) that offers payment including rent assistance that is calculated on the amount of rent paid</li> <li>Only recourse loans</li> <li>One of the most highly urbanised populations</li> <li>Large areas of rural and remote Australia can not secure loans from banks against land in those areas.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Timeline">Timeline</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=14" title="Edit section: Timeline"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="1980s–2009"><span id="1980s.E2.80.932009"></span>1980s–2009</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=15" title="Edit section: 1980s–2009"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>1985: Australian government quarantines interest expenses, so that interest can only be claimed against rental income, not other income.<sup id="cite_ref-Quarantine_36-0" class="reference"><a href="#cite_note-Quarantine-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup></li> <li>1987: <a href="/wiki/Negative_gearing_(Australia)" class="mw-redirect" title="Negative gearing (Australia)">Negative gearing</a> is reintroduced.<sup id="cite_ref-Quarantine_36-1" class="reference"><a href="#cite_note-Quarantine-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup></li> <li>1998 : The ABS changed the CPI calculation from a cost of living "outlays" index which included mortgage servicing costs to pure price "acquisitions" index including the cost of a new dwelling (excluding land), thereby creating a disconnect between the cost of housing (asset) and the health of the economy (inflation)<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup></li> <li>1998 to 2008: real net national disposable incomes increase by 2.8% a year on average from about $32,000 to about $42,000 per year.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> There is a rise in the number of two-income households, relaxation of lending standards, active promotion of real estate as an investment, population growth creating demand that was not matched by supply, planning and land release issues and a tax system that was skewed in favour of property investors.</li> <li>1999: Property sale proceeds subject to <a href="/wiki/Capital_gains_tax_in_Australia#Indexed_cost_base" title="Capital gains tax in Australia">Capital Gains Tax reduced</a> from 100 to 50 per cent (for property held at least one year), while 100 per cent of costs remained deductible.</li> <li>2000: July - The Federal government introduces the First Home Owners Grant of $7,000 for established homes, and $14,000 for newly built homes.<sup id="cite_ref-www.firsthome.gov.au_39-0" class="reference"><a href="#cite_note-www.firsthome.gov.au-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup></li> <li>2002: Urban Growth Boundary introduced for Melbourne, severely limiting land supply.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup></li> <li>2002: While working for the Bank for International Settlements, Philip Lowe warned low rates could fuel risky credit growth and asset price rises that may need to be counteracted by tighter monetary policy.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup></li> <li>2003: Significant amendments to Queensland's planning law, the Integrated Planning Act, are made by state government.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> These amendments aimed to better protect the environment by stopping "urban sprawl", and lead to massive land price inflation.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> Queensland's property prices start to rise quickly at this point.</li> <li>2004: The Productivity Commission Inquiry on 'First Home Ownership' published its findings (No. 28, 31 March 2004). It identified several factors that had contributed to the rapid increase in real estate prices, including overall fairness of the tax system, lending regulations, lower interest rates and planning issues.<sup id="cite_ref-pc.gov.au_27-1" class="reference"><a href="#cite_note-pc.gov.au-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup></li> <li>2008: A Senate Select Committee on Housing Affordability was established. Its final report 'A good house is hard to find' included dozens of recommendations.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup></li> <li>2008: October - The <a href="/wiki/First_time_home_buyer_grant#First_Home_Owners_Grant_Boost" class="mw-redirect" title="First time home buyer grant">First Home Owners Grant Boost</a> is introduced as an addition to the First Home Owners Grant. This consisted of an extra $14000 available to first home owners buying or building a new home, as well as an extra $7000 made available for established homes. First Home Saver Accounts are also introduced, where the Federal Government will contribute up to $850 per annum towards savings for a deposit to purchase housing.</li> <li>2008: December - FIRB rules allow temporary visa holders including students, to more easily buy up 'second-hand dwellings'. Changes did not require notification of sales be made to the FIRB and the $300,000 cap on price was removed.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup></li> <li>2009: April - The Federal government announces Responsible Lending Obligations (RLOs) under the National Consumer Credit Protection Act 2009 (Cth)</li> <li>2009: October - First Home Owners Grant Boost is withdrawn. The UNSW City Futures Research Centre director said "the boost has resulted in inflated prices" and had created "a bit of a mini-bubble". A senior economist of Housing Industry Association (HIA) said the boost has not pushed prices up significantly.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup></li> <li>2009: November - "capital city house prices . . climbed average 10 per cent" in 2009. Melbourne led the "house price boom, with values up 14.9 per cent in the 10 months . . to an average of $481,247."<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup></li> <li>2009: December - Reporting of RE data was questioned by one source: "AVERAGE house prices have been overstated by up to 18 per cent by the real estate industry . . . In September the average house price quoted by the Real Estate Institute of Victoria was $67,000 higher than the official figure, based on preliminary valuer-general data . . "<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="2010s">2010s</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=16" title="Edit section: 2010s"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="2010">2010</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=17" title="Edit section: 2010"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>January - The removal of First Home Owners Grant Boost. Mortgage applications reduce by 21.2%.<sup id="cite_ref-Housing_sector_hit_by_rate_rises,_end_of_grant_49-0" class="reference"><a href="#cite_note-Housing_sector_hit_by_rate_rises,_end_of_grant-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> First-home buyers account for 13.1 per cent of new loan applications in December, whereas nine months previously they were at 28.1 per cent.</li> <li>March: ABS declares that house prices "soared 20 per cent in the 12 months to March" - a rate that was described as the "fastest ever recorded" in Australian history. The Head of Australian economics at National Australia Bank admits "This is a shocker".<sup id="cite_ref-wsj.com_50-0" class="reference"><a href="#cite_note-wsj.com-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup></li> <li>April - Rules allowing foreign investment in real estate that were introduced in 2008 are withdrawn. Temporary residents are required to sell their Australian property when they leave Australia.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup></li> <li>May - 'Australia's Future Tax System' (AFTS) Review (aka '<a href="/wiki/Henry_Tax_Review" title="Henry Tax Review">Henry Tax Review</a>') makes a number of recommendations on policies that could affect the housing market.<sup id="cite_ref-taxreview.treasury.gov.au_52-0" class="reference"><a href="#cite_note-taxreview.treasury.gov.au-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup></li> <li>The government responds to the AFTS review findings with a report 'Stronger, Fairer, Simpler: A Tax Plan for our Future'.<sup id="cite_ref-deewr.gov.au_31-1" class="reference"><a href="#cite_note-deewr.gov.au-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="2011">2011</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=18" title="Edit section: 2011"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>February - New housing loans approved by Australian banks fall 5.6 per cent to a 10-year low in February.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="2012">2012</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=19" title="Edit section: 2012"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>October - The RBA cuts interest rates to 3.25%.</li> <li>December - The RBA cuts interest rates to 3.00%.</li></ul> <div class="mw-heading mw-heading4"><h4 id="2013">2013</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=20" title="Edit section: 2013"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>April - Glenn Stevens is re-appointed as RBA Governor for 3 more years.</li> <li>May - The RBA cuts interest rates to 2.75%.</li> <li>August - The RBA cuts interest rates to 2.50%.</li> <li>November - Statistics released by the Australian Prudential Regulation Authority revealed that the total amount of residential term loans to households held by all ADIs (authorised deposit taking institutions) was $1.15 trillion. This was an increase of 1.7% on 30 June 2013 and an increase of 7.5 in September 2012. Furthermore, investment loans accounted for 33.1 per cent of the loans. Major banks held $933 billion of these loans.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="2014">2014</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=21" title="Edit section: 2014"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>1 January - RP Data reveals that national residential prices increased by 9.8% in 2013, with Sydney increasing by 15.2%.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup></li> <li>13 January - Housing Finance statistics released by the Australian Bureau of Statistics shows the value of outstanding home loans financed by the ADIs was $1.27 trillion. $849 billion of that amount was for owner occupied housing and $419 billion was for investment housing loans.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup></li> <li>Data released by RP Data, APM, Residex and ABS in 2014 showed that Australian house prices continued to rise strongly throughout 2013 and 2014.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="2015">2015</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=22" title="Edit section: 2015"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>The International Monetary Fund sends an economic team to Australia to examine "the risks posed by property speculation and record-high <a href="/wiki/Household_debt" title="Household debt">household debt</a> as part of a broad health check-up of the sagging domestic economy."<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup></li> <li>The head of the <a href="/wiki/Department_of_the_Treasury_(Australia)" class="mw-redirect" title="Department of the Treasury (Australia)">Federal Treasury Department</a>, and the Federal government's most senior economic adviser, John Fraser publicly warned that Sydney and more expensive parts of Melbourne were experiencing a bubble. This was disputed by members of the government including the Prime Minister and Assistant Treasurer.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup></li> <li>June - APRA 10% investment credit growth limit introduced.</li> <li>October - <a href="/wiki/Macquarie_Bank" class="mw-redirect" title="Macquarie Bank">Macquarie Bank</a>, a major Australian investment bank forecasted an end to property prices with "quarter-on-quarter house prices to fall from the March 2016 quarter before beginning to recover from June 2017, with a 7.5 per cent fall from peak to trough".<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> Westpac Bank independently raised the rates on its standard variable mortgage by 20 basis points against the Australian Reserve Bank. This was the first rate rise by an Australian bank in five years.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="2016">2016</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=23" title="Edit section: 2016"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>5 May - <a href="/wiki/Philip_Lowe" title="Philip Lowe">Philip Lowe</a> appointed by <a href="/wiki/Treasurer_of_Australia" title="Treasurer of Australia">Treasurer</a> <a href="/wiki/Scott_Morrison" title="Scott Morrison">Scott Morrison</a> as head of the <a href="/wiki/Reserve_Bank_of_Australia" title="Reserve Bank of Australia">RBA</a>.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup></li> <li>May - From 1 July, "Foreign buyers will have to provide citizenship and visa details, as well as Foreign Investment Review Board clearance, through the stamp duty process." "The ATO will match data to ensure foreign buyers have paid a $5000 fee for any property sold for less than $1 million, and $10,000 for properties over $1 million."<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup></li> <li>June - "In NSW, foreign buyers will be hit with a 4 per cent stamp duty surcharge from 21 June and 0.75 per cent land tax surcharge starting in 2017. Victoria will raise its existing 3 per cent stamp duty surcharge and 0.5 per cent land tax surcharge to 7 per cent and 1.5 per cent respectively on 1 July, while Queensland's 3 per cent stamp duty surcharge kicks in on 1 October."<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup></li> <li>3 August - The official cash rate drops to 1.5%, the lowest cash rate on record.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> The cash rate remains at 1.5% as of 1 July 2018.</li></ul> <div class="mw-heading mw-heading4"><h4 id="2017">2017</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=24" title="Edit section: 2017"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>March - APRA limits interest only lending to 30% of new loans.</li> <li>March - The four major banks, <a href="/wiki/National_Australia_Bank" title="National Australia Bank">NAB</a>, <a href="/wiki/Westpac" title="Westpac">Westpac</a>, <a href="/wiki/Australia_and_New_Zealand_Banking_Group" class="mw-redirect" title="Australia and New Zealand Banking Group">ANZ</a> and <a href="/wiki/Commonwealth_Bank" title="Commonwealth Bank">Commonwealth Bank</a> increase home loan rates despite Reserve Bank rates citing the rising costs and regulatory responsibilities. These four banks controls more than 80 per cent of the $1.6 trillion mortgage market. Owner-occupier customers repaying principal and interest experiences the smallest rise while investors with interest-only loans get the largest hike. The changes effective in April–May.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup></li> <li>April - The Governor of the RBA Philip Lowe states that increasing debt and rising house prices were risking the future health of the Australian economy. He noted that slow wage growth was making it harder for people to pay down their debt and attacked banks for lending to people with too little income buffer after interest.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup></li> <li>July - <a href="/wiki/Stamp_duty" title="Stamp duty">Stamp duty</a> abolished for first home buyers in <a href="/wiki/Victoria_(Australia)" class="mw-redirect" title="Victoria (Australia)">Victoria</a>, <a href="/wiki/Queensland" title="Queensland">Queensland</a> and <a href="/wiki/Western_Australia" title="Western Australia">Western Australia</a>. Investor tax deductions for depreciation and travel abolished.</li> <li>September - The market reached its most recent peak in September 2017, according to Corelogic data.<sup id="cite_ref-corelogic.com.au_69-0" class="reference"><a href="#cite_note-corelogic.com.au-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup></li> <li>14 December - <a href="/wiki/Royal_Commission_into_Misconduct_in_the_Banking,_Superannuation_and_Financial_Services_Industry" title="Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry">Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry</a> established.</li></ul> <div class="mw-heading mw-heading4"><h4 id="2018">2018</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=25" title="Edit section: 2018"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>13 March - hearings into the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry begin.</li> <li>1 July - Since the previous peak in September 2017, the combined capital 5 city property market has declined by -1.3% according to Corelogic.<sup id="cite_ref-corelogic.com.au_69-1" class="reference"><a href="#cite_note-corelogic.com.au-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup></li> <li>11 July - It is estimated by Digital Finance Analytics that there are approximately 1 million households in mortgage stress. These households risk defaulting on their mortgages in the event of interest rate rises of as little as 0.15%.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> APRA chairman Wayne Byres announced that the "heavy lifting on lending standards has largely been done", and that there was unlikely to be any further tightening of macroprudential policy.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup></li> <li>16 July - Pressure is growing on the big four banks to follow smaller lenders (including <a href="/wiki/ME_Bank" title="ME Bank">ME</a>, <a href="/wiki/AMP_Limited" title="AMP Limited">AMP</a>, <a href="/wiki/Suncorp_Group" title="Suncorp Group">Suncorp</a>, <a href="/wiki/Bendigo_and_Adelaide_Bank" title="Bendigo and Adelaide Bank">Bendigo Bank</a>, <a href="/wiki/Macquarie_Group" title="Macquarie Group">Macquarie Bank</a>, <a href="/wiki/Bank_of_Queensland" title="Bank of Queensland">Bank of Queensland</a>, <a href="/wiki/ING_Group" title="ING Group">ING</a>, <a href="/wiki/Pepper_Group_Limited" class="mw-redirect" title="Pepper Group Limited">Pepper Group</a>, <a href="/wiki/IMB_Bank" title="IMB Bank">IMB</a>, <a href="/wiki/Auswide_Bank" title="Auswide Bank">Auswide</a> and <a href="/wiki/Teachers_Mutual_Bank" title="Teachers Mutual Bank">Teachers Mutual Bank</a>) who have been raising interest rates on mortgage products from April 2018 onwards.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> This is due to a rise in the inter-bank Bank Bill Swap Rate (BBSW). It is speculated that the causes for BBSW changes include the US Federal reserve's increases in US rates and poor returns on Australian deposits drawing funds away to international markets and Australian equities for better returns, as well as income repatriation of large American companies following tax changes of Donald Trump.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> The funding gap between deposits and funds lent in Australia is estimated to have grown to A$457 billion in the first quarter of 2018.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> This is putting pressure on bank wholesale lending and profit margins, raising the likelihood of interest rate rises independently of the Reserve Bank of Australia by the big four banks, despite the ongoing Royal Commission.</li> <li>7 December - "Uncharted territory", despite "the unemployment rate's been coming down, the economy's growing at a reasonable pace", RBA deputy Guy Debelle promotes further interest rate cuts and QE (quantitative easing) as methods to support housing prices.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="2019">2019</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=26" title="Edit section: 2019"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>January 2019 - RBA releases a research discussion paper 'A Model of the Australian Housing Market', which concludes that the lower interest rates explain much of the rapid growth in housing prices and construction over the past few years.<sup id="cite_ref-RDP_2019-01_76-0" class="reference"><a href="#cite_note-RDP_2019-01-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup></li> <li>7 February - Home prices across Sydney and Melbourne continue to fall as the RBA keeps rates on hold at 1.5 per cent for a record 29th month.</li> <li>3 March - Mathias Cormann described (downward) flexibility in the rate of wage growth as “a deliberate design feature of our economic architecture”, ensuring wage growth is subdued, requiring the RBA to maintain low interest rates.<sup id="cite_ref-Deliberate_Wage_Deflation_77-0" class="reference"><a href="#cite_note-Deliberate_Wage_Deflation-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup></li> <li>12 May - The Federal government seeks to increase first home owners entering the market, through introduction of the First Home Loan Deposit Scheme</li> <li>4 June - The RBA drops interest rates to a record low of 1.25 per cent, suggesting further cuts were to come later in the year<sup id="cite_ref-ABC_78-0" class="reference"><a href="#cite_note-ABC-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup></li> <li>2 July - RBA drops rates to another low of 1 per cent.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup></li> <li>5 July - APRA reduces interest rate buffer requirements for ADIs from 7% to 2.5% above the loan rate<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup></li> <li>1 October - The RBA announces interest rate cut to 0.75%</li></ul> <div class="mw-heading mw-heading3"><h3 id="2020s">2020s</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=27" title="Edit section: 2020s"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="2020">2020</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=28" title="Edit section: 2020"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>3 March - The RBA reduced the cash rate to 0.5% (from 0.75%)</li> <li>19 March - The RBA introduces 4 core changes to support the economy as the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a> shuts borders and businesses <ul><li>Reduction in the cash rate to 0.25% (down from 0.5%)</li> <li>Targeting the yield of the 3 year bond at 0.25%, through the commencement of bond buying</li> <li>Establishment of the Term Funding Facility (TFF) to facilitate cheap credit to small business at rate of 0.25%</li> <li>Increase in Exchange Settlement balances to 0.1% to decrease costs to the banking system for reserves held at the RBA</li></ul></li> <li>2 June - The Federal government announces the HomeBuilder grant of $25,000 to support the construction industry to 31 December 2020, with a budgeted cost of $680m</li> <li>April - Economists within the RBA propose pausing the real estate market to avoid a crash<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup></li> <li>26 August - RBA discussion paper shows that the banking sector could withstand an extreme but plausible 40% fall in Australian house prices.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup></li> <li>25 September - The Federal government announces plans to remove Responsible Lending Obligations from the National Consumer Credit Protection Act 2009</li> <li>3 November - The RBA introduces 3 core changes to support the economic recovery <ul><li>Reduction in the cash rate to 0.1% (down from 0.25% set in April 2020)</li> <li>Reduction of target of 3 year bond yield to 0.1%, with commencement of Quantitative Easing, by announcing the quantity of bond buying - $100 billion of government bonds over a six-month period.</li> <li>Reduction in the interest rate on Exchange Settlement balances to 0.0%</li></ul></li> <li>30 November - The Federal government extends the HomeBuilder grants scheme until 31 March 2021 at a reduced rate of $15,000.</li></ul> <div class="mw-heading mw-heading4"><h4 id="2021">2021</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=29" title="Edit section: 2021"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>1 February - The housing market started the year strongly with a national price increase of 0.9%.</li> <li>1 March - The housing market saw euphoria through February with national prices rising 2.1% in the calendar month, fear of missing out (FOMO) leading to first home owners and owner occupiers making up the majority of buyers.</li> <li>12 March - In a sign the interest rate cycle may have turned, rising global bond yields through 2021 caused the 30 year US mortgage rate to increase 0.4% (2.65% -> 3.05%) through January and February, despite central banks doubling down on low interest commitments to assure markets they will let inflation run rather than raise rates prematurely.</li> <li>15 March - Term Funding Facility creates debt binge for banking sector <sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup></li> <li>16 March - APRA release quarterly ADI statistics for December quarter 2020, showing "higher loan-to-valuation ratios and debt-to-income ratio" <sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> <ul><li>Debt-to-income ≥ 6x increase by 26.3%</li> <li>LVR ≥ 95 increase by 27.4%</li></ul></li> <li>19 March - Parents become 9th biggest lender in Australia, creating a financial system feedback loop ensuring that a downturn in housing affects not only first home owners and young families but also retirees, with large implications to pension and superannuation systems.<sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup></li> <li>29 March - APRA chairman Wayne Byres states house prices not within remit of financial stability mandate.<sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup></li> <li>29 March - The Term Funding Facility (TFF) is alleged to fuel a 2023 housing debt time bomb <sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup></li> <li>30 March - Banks plan to avoid 2023 debt cliff by repaying TTF early and increasing saving rates <sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup></li> <li>9 April - RBA flags booming property market as risk to the financial system <sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup></li> <li>22 April - Mortgage rates in Australia begin the long path northwards <sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup></li> <li>30 April - As the housing affordability crises worsens, the blame game ramps up, with Federal tax concessions, State planning laws, loose monetary policy and lax lending standards all contributing factors <sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup></li> <li>30 Dec - Major Australian banks start predicting price drops for 2023.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=30" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Australian_Dream" title="Australian Dream">Australian Dream</a></li> <li><a href="/wiki/Australian_property_market" title="Australian property market">Australian property market</a></li> <li><a href="/wiki/Canadian_property_bubble" title="Canadian property bubble">Canadian property bubble</a></li> <li><a href="/wiki/Home_ownership_in_Australia" title="Home ownership in Australia">Home ownership in Australia</a></li> <li><a href="/wiki/House_price_index" title="House price index">House price index</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Australian_property_bubble&action=edit&section=31" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-ReferenceB-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-ReferenceB_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free 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We ask the experts"</a>. <i>ABC News</i>. 29 December 2021<span class="reference-accessdate">. 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.navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economy_of_Australia" title="Template:Economy of Australia"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economy_of_Australia" title="Template talk:Economy of Australia"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economy_of_Australia" title="Special:EditPage/Template:Economy of Australia"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economy_of_Australia" style="font-size:114%;margin:0 4em"><a href="/wiki/Economy_of_Australia" title="Economy of Australia">Economy of Australia</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">History</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Australian_pound" title="Australian pound">Australian pound</a></li> <li><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Banking crisis of 1893</a></li> <li><a href="/wiki/Economic_history_of_Australia" title="Economic history of Australia">Economic history</a></li> <li><a href="/wiki/Four_pillars_policy" title="Four pillars policy">Four pillars policy</a></li> <li><a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Great Depression</a></li> <li><a href="/wiki/Privatisation_in_Australia" title="Privatisation in Australia">Privatisation</a></li> <li><a href="/wiki/Snowy_Mountains_Scheme" title="Snowy Mountains Scheme">Snowy Mountains Scheme</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Currency</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Australian_dollar" title="Australian dollar">Australian dollar</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">State economies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_New_South_Wales" title="Economy of New South Wales">New South Wales</a></li> <li><a href="/wiki/Economy_of_Victoria_(state)" title="Economy of Victoria (state)">Victoria</a></li> <li><a href="/wiki/Economy_of_Queensland" title="Economy of Queensland">Queensland</a></li> <li><a href="/wiki/Economy_of_Western_Australia" title="Economy of Western Australia">Western Australia</a></li> <li><a href="/wiki/Economy_of_South_Australia" class="mw-redirect" title="Economy of South Australia">South Australia</a></li> <li><a href="/wiki/Economy_of_Tasmania" title="Economy of Tasmania">Tasmania</a></li> <li><a href="/wiki/Economy_of_the_Australian_Capital_Territory" title="Economy of the Australian Capital Territory">Australian Capital Territory</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Industries</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agriculture_in_Australia" title="Agriculture in Australia">Agriculture</a></li> <li><a href="/wiki/Automotive_industry_in_Australia" title="Automotive industry in Australia">Automotive</a></li> <li><a href="/wiki/Seafood_in_Australia" title="Seafood in Australia">Fishing</a></li> <li><a href="/wiki/Insurance_in_Australia" title="Insurance in Australia">Insurance</a></li> <li><a href="/wiki/Manufacturing_in_Australia" title="Manufacturing in Australia">Manufacturing</a></li> <li><a href="/wiki/Mining_in_Australia" title="Mining in Australia">Mining</a></li> <li><a href="/wiki/Australian_property_market" title="Australian property market">Real estate</a></li> <li><a href="/wiki/Superannuation_in_Australia" title="Superannuation in Australia">Superannuation</a></li> <li><a href="/wiki/Telecommunications_in_Australia" title="Telecommunications in Australia">Telecommunications</a></li> <li><a href="/wiki/Tourism_in_Australia" title="Tourism in Australia">Tourism</a></li> <li><a href="/wiki/Transport_in_Australia" title="Transport in Australia">Transport</a> <ul><li><a href="/wiki/List_of_ports_in_Australia" title="List of ports in Australia">Ports</a></li></ul></li> <li><a href="/wiki/Australian_wine" title="Australian wine">Wine</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">Taxation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fuel_taxes_in_Australia" title="Fuel taxes in Australia">Fuel taxes</a></li> <li><a href="/wiki/Goods_and_services_tax_(Australia)" title="Goods and services tax (Australia)">Goods & Services Tax</a> (<a href="/wiki/GST_distribution_dispute" title="GST distribution dispute">dispute</a>)</li> <li><a href="/wiki/Luxury_Car_Tax" title="Luxury Car Tax">Luxury Car Tax</a></li> <li><a href="/wiki/Minerals_Resource_Rent_Tax" title="Minerals Resource Rent Tax">Minerals Resource Rent Tax</a></li> <li><a href="/wiki/Passenger_Movement_Charge" title="Passenger Movement Charge">Passenger Movement Charge</a></li> <li><a href="/wiki/Tax_return_(Australia)" class="mw-redirect" title="Tax return (Australia)">Tax return</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking and Finance</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_in_Australia" title="Banking in Australia">Banking</a></li> <li><a href="/wiki/Financial_system_in_Australia" title="Financial system in Australia">Financial system</a></li> <li><a href="/wiki/Official_cash_rate" title="Official cash rate">Official cash rate</a></li> <li><a href="/wiki/Australian_Securities_Exchange" title="Australian Securities Exchange">Australian Securities Exchange</a> (<a href="/wiki/S%26P/ASX_200" title="S&P/ASX 200">S&P/ASX 200</a></li> <li><a href="/wiki/All_Ordinaries" title="All Ordinaries">All Ordinaries</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Regulatory agencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Australian_Competition_%26_Consumer_Commission" class="mw-redirect" title="Australian Competition & Consumer Commission">ACCC</a></li> <li><a href="/wiki/Australian_Prudential_Regulation_Authority" title="Australian Prudential Regulation Authority">APRA</a></li> <li><a href="/wiki/Australian_Securities_%26_Investments_Commission" class="mw-redirect" title="Australian Securities & Investments Commission">ASIC</a></li> <li><a href="/wiki/Australian_corporate_law" title="Australian corporate law">Corporate law</a></li> <li><a href="/wiki/Section_51(xx)_of_the_Constitution_of_Australia" title="Section 51(xx) of the Constitution of Australia">Corporations power</a></li> <li><a href="/wiki/Fair_Work_Commission" title="Fair Work Commission">FWC</a></li> <li><a href="/wiki/Reserve_Bank_of_Australia" title="Reserve Bank of Australia">Reserve Bank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Energy_in_Australia" title="Energy in Australia">Energy</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Biofuel_in_Australia" title="Biofuel in Australia">Biofuel</a></li> <li><a href="/wiki/Carbon_pricing_in_Australia" title="Carbon pricing in Australia">Carbon pricing</a></li> <li><a href="/wiki/Energy_policy_of_Australia" title="Energy policy of Australia">Energy policy</a></li> <li><a href="/wiki/Energy_efficiency_rating" title="Energy efficiency rating">Energy efficiency rating</a></li> <li><a href="/wiki/Geothermal_power_in_Australia" title="Geothermal power in Australia">Geothermal power</a></li> <li><a href="/wiki/Green_electricity_in_Australia" title="Green electricity in Australia">Green electricity</a></li> <li><a href="/wiki/National_Electricity_Market" title="National Electricity Market">National Electricity Market</a></li> <li><a href="/wiki/Solar_power_in_Australia" title="Solar power in Australia">Solar power</a></li> <li><a href="/wiki/Wind_power_in_Australia" title="Wind power in Australia">Wind power</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economic conditions</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Australian_government_debt" title="Australian government debt">Government debt</a></li> <li><a href="/wiki/Home_ownership_in_Australia" title="Home ownership in Australia">Home ownership</a></li> <li><a href="/wiki/Income_in_Australia" class="mw-redirect" title="Income in Australia">Income in Australia</a></li> <li><a href="/wiki/Poverty_in_Australia" title="Poverty in Australia">Poverty in Australia</a></li> <li><a class="mw-selflink selflink">Property bubble</a></li> <li><a href="/wiki/Social_class_in_Australia" class="mw-redirect" title="Social class in Australia">Social class in Australia</a></li> <li><a href="/wiki/Wealth_in_Australia" class="mw-redirect" title="Wealth in Australia">Wealth in Australia</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Unions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Australian_Council_of_Trade_Unions" title="Australian Council of Trade Unions">ACTU</a></li> <li><a href="/wiki/Australian_labour_movement" title="Australian labour movement">Labour movement</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Free_trade_agreements_of_Australia" title="Free trade agreements of Australia">Trade agreements</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Australia%E2%80%93Chile_Free_Trade_Agreement" title="Australia–Chile Free Trade Agreement">Australia–Chile FTA</a></li> <li><a href="/wiki/Australia%E2%80%93Korea_Free_Trade_Agreement" title="Australia–Korea Free Trade Agreement">Australia–Korea FTA</a></li> <li><a href="/wiki/Closer_Economic_Relations" title="Closer Economic Relations">Australia–New Zealand FTA</a></li> <li><a href="/wiki/Australia%E2%80%93United_States_Free_Trade_Agreement" title="Australia–United States Free Trade Agreement">Australia–United States FTA</a></li> <li><a href="/wiki/China%E2%80%93Australia_Free_Trade_Agreement" title="China–Australia Free Trade Agreement">China–Australia FTA</a></li> <li><a href="/wiki/Japan%E2%80%93Australia_Economic_Partnership_Agreement" title="Japan–Australia Economic Partnership Agreement">Japan–Australia FTA</a></li> <li><a href="/wiki/Comprehensive_and_Progressive_Agreement_for_Trans-Pacific_Partnership" title="Comprehensive and Progressive Agreement for Trans-Pacific Partnership">Trans-Pacific Partnership</a></li> <li><a href="/wiki/Indonesia%E2%80%93Australia_Comprehensive_Economic_Partnership_Agreement" title="Indonesia–Australia Comprehensive Economic Partnership Agreement">Indonesia–Australia FTA</a></li> <li><a href="/wiki/Australia%E2%80%93United_Kingdom_Free_Trade_Agreement" title="Australia–United Kingdom Free Trade Agreement">Australia–United Kingdom FTA</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Economy_of_Australia" title="Category:Economy of Australia">Category</a></b></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <b><a href="https://commons.wikimedia.org/wiki/Category:Economy_of_Australia" class="extiw" title="commons:Category:Economy of Australia">Commons</a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_bubbles" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_bubbles" title="Template:Financial bubbles"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_bubbles" title="Template talk:Financial bubbles"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_bubbles" title="Special:EditPage/Template:Financial bubbles"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_bubbles" style="font-size:114%;margin:0 4em"><a href="/wiki/Economic_bubble" title="Economic bubble">Financial bubbles</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></li> <li><a href="/wiki/Irrational_exuberance" title="Irrational exuberance">Irrational exuberance</a></li> <li><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></li> <li><a href="/wiki/Real-estate_bubble" title="Real-estate bubble">Real-estate bubble</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania</a> (1634–1637)</li> <li><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble</a> (1684–1720)</li> <li><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble</a> (1711–1720)</li> <li><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal Bubble of 1769</a> (1757–1769)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Canal_Mania" title="Canal Mania">Canal Mania</a> (c. 1790–c. 1810)</li> <li><a href="/wiki/Carolina_gold_rush" title="Carolina gold rush">Carolina gold rush</a> (1802–1825)</li> <li><a href="/wiki/Alabama_real_estate_bubble_of_the_1810s" title="Alabama real estate bubble of the 1810s">1810s Alabama real estate bubble</a></li> <li><a href="/wiki/Georgia_Gold_Rush" title="Georgia Gold Rush">Georgia Gold Rush</a> (1828–c. 1840)</li> <li><a href="/wiki/Chicago_real_estate_bubble_of_the_1830s" title="Chicago real estate bubble of the 1830s">1830s Chicago real estate bubble</a></li> <li><a href="/wiki/Chilean_silver_rush" title="Chilean silver rush">Chilean silver rush</a> (1830–1850)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Railway_Mania" title="Railway Mania">Railway Mania</a> (c. 1840–c. 1850)</li> <li><a href="/wiki/California_gold_rush" title="California gold rush">California gold rush</a> (1848–1855)</li> <li><a href="/wiki/Queen_Charlottes_Gold_Rush" title="Queen Charlottes Gold Rush">Queen Charlottes Gold Rush</a> (1851)</li> <li><a href="/wiki/Victorian_gold_rush" title="Victorian gold rush">Victorian gold rush</a> (1851–c. 1870)</li> <li><a href="/wiki/New_South_Wales_gold_rush" title="New South Wales gold rush">New South Wales gold rush</a> (1851–1880)</li> <li><a href="/wiki/Australian_gold_rushes" title="Australian gold rushes">Australian gold rushes</a> (1851–1914)</li> <li><a href="/wiki/Fraser_Canyon_Gold_Rush" title="Fraser Canyon Gold Rush">Fraser Canyon Gold Rush</a> (1858)</li> <li><a href="/wiki/Pike%27s_Peak_gold_rush" title="Pike's Peak gold rush">Pike's Peak gold rush</a> (1858–1861)</li> <li><a href="/wiki/Rock_Creek_Gold_Rush" title="Rock Creek Gold Rush">Rock Creek Gold Rush</a> (1859)</li> <li><a href="/wiki/Pennsylvania_oil_rush" title="Pennsylvania oil rush">Pennsylvania oil rush</a> (1859–1891)</li> <li><a href="/wiki/Similkameen_Gold_Rush" title="Similkameen Gold Rush">Similkameen Gold Rush</a> (1860)</li> <li><a href="/wiki/Stikine_Gold_Rush" title="Stikine Gold Rush">Stikine Gold Rush</a> (1861)</li> <li><a href="/wiki/Steamboats_of_the_Colorado_River" title="Steamboats of the Colorado River">Colorado River mining boom</a> (1861–1864)</li> <li><a href="/wiki/Otago_gold_rush" title="Otago gold rush">Otago gold rush</a> (1861–1864)</li> <li><a href="/wiki/Cariboo_Gold_Rush" title="Cariboo Gold Rush">Cariboo Gold Rush</a> (1861–1867)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">First Nova Scotia Gold Rush</a> (1861–1874)</li> <li><a href="/wiki/West_Coast_gold_rush" title="West Coast gold rush">West Coast gold rush</a> (1864–1867)</li> <li><a href="/wiki/Big_Bend_Gold_Rush" title="Big Bend Gold Rush">Big Bend Gold Rush</a> (c. 1865)</li> <li><a href="/wiki/Vermilion_Lake_gold_rush" title="Vermilion Lake gold rush">Vermilion Lake gold rush</a> (1865–1867)</li> <li><a href="/wiki/Kildonan_Gold_Rush" title="Kildonan Gold Rush">Kildonan Gold Rush</a> (1869)</li> <li><a href="/wiki/Omineca_Gold_Rush" title="Omineca Gold Rush">Omineca Gold Rush</a> (1869)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Lapland_gold_rush" title="Lapland gold rush">1870s Lapland gold rush</a></li> <li><a href="/wiki/Coromandel_Gold_Rushes" title="Coromandel Gold Rushes">Coromandel Gold Rushes</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Cassiar_Country" title="Cassiar Country">Cassiar Gold Rush</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Black_Hills_gold_rush" title="Black Hills gold rush">Black Hills gold rush</a> (1874–1880)</li> <li><a href="/wiki/Colorado_Silver_Boom" title="Colorado Silver Boom">Colorado Silver Boom</a> (1879–1893)</li> <li><a href="/wiki/Western_Australian_gold_rushes" title="Western Australian gold rushes">Western Australian gold rushes</a> (c. 1880–c. 1900)</li> <li><a href="/wiki/Indiana_gas_boom" title="Indiana gas boom">Indiana gas boom</a> (c. 1880–1903)</li> <li><a href="/wiki/Petroleum_industry_in_Ohio" title="Petroleum industry in Ohio">Ohio oil rush</a> (c. 1880–c. 1930)</li> <li><a href="/wiki/Tierra_del_Fuego_gold_rush" title="Tierra del Fuego gold rush">Tierra del Fuego gold rush</a> (1883–1906)</li> <li><a href="/wiki/Cayoosh_Gold_Rush" title="Cayoosh Gold Rush">Cayoosh Gold Rush</a> (1884)</li> <li><a href="/wiki/Witwatersrand_Gold_Rush" title="Witwatersrand Gold Rush">Witwatersrand Gold Rush</a> (1886)</li> <li><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1886–1890)</li> <li><a href="/wiki/Cripple_Creek_Gold_Rush" title="Cripple Creek Gold Rush">Cripple Creek Gold Rush</a> (c. 1890–c. 1910)</li> <li><a href="/wiki/Klondike_Gold_Rush" title="Klondike Gold Rush">Klondike Gold Rush</a> (1896–1899)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Second Nova Scotia Gold Rush</a> (1896–1903)</li> <li><a href="/wiki/Kobuk_River_Stampede" title="Kobuk River Stampede">Kobuk River Stampede</a> (1897–1899)</li> <li><a href="/wiki/Mount_Baker_gold_rush" title="Mount Baker gold rush">Mount Baker gold rush</a> (1897–c. 1925)</li> <li><a href="/wiki/Nome_Gold_Rush" title="Nome Gold Rush">Nome Gold Rush</a> (1899–1909)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (c. 1900–1918)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1901–1918)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1903–1918)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1909–1918)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Florida_land_boom_of_the_1920s" title="Florida land boom of the 1920s">1920s Florida land boom</a> (c. 1920–1925)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1918–1945)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1918–1945)</li> <li><a href="/wiki/Kakamega_gold_rush" title="Kakamega gold rush">1930s Kakamega gold rush</a></li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Third Nova Scotia Gold Rush</a> (1932–1942)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1945–c. 1950)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1945–c. 1960)</li> <li><a href="/wiki/Poseidon_bubble" title="Poseidon bubble">Poseidon bubble</a> (1969–1970)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">The Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1970s_commodities_boom" title="1970s commodities boom">1970s commodities boom</a></li> <li><a href="/wiki/Mexican_oil_boom" title="Mexican oil boom">Mexican oil boom</a> (1977–1981)</li> <li><a href="/wiki/Silver_Thursday" title="Silver Thursday">Silver Thursday</a> (1980)</li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (c. 1980–1982)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1980s_oil_glut" title="1980s oil glut">1980s oil glut</a></li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (1982–)</li> <li><a href="/wiki/Spanish_property_bubble" title="Spanish property bubble">Spanish property bubble</a> (1985–2008)</li> <li><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble</a> (1986–1990)</li> <li><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble</a> (1995–2000)</li> <li><a href="/wiki/Baltic_states_housing_bubble" title="Baltic states housing bubble">Baltic states housing bubble</a> (2000–2006)</li> <li><a href="/wiki/Irish_property_bubble" title="Irish property bubble">Irish property bubble</a> (c. 2000–2007)</li> <li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2000–2008)</li> <li><a href="/wiki/Danish_property_bubble_of_2000s" title="Danish property bubble of 2000s">2000s Danish property bubble</a> (2001–2006)</li> <li><a href="/wiki/2000s_United_States_housing_bubble" title="2000s United States housing bubble">United States housing bubble</a> (2002–2006)</li> <li><a href="/wiki/Romanian_property_bubble" title="Romanian property bubble">Romanian property bubble</a> (2002–2007)</li> <li><a href="/wiki/Polish_property_bubble" title="Polish property bubble">Polish property bubble</a> (2002–2008)</li> <li><a href="/wiki/Canadian_property_bubble" title="Canadian property bubble">Canadian property bubble</a> (2002–)</li> <li><a href="/wiki/Chinese_property_bubble_(2005%E2%80%932011)" title="Chinese property bubble (2005–2011)">Chinese property bubble</a> (2005–2011)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2005–2008)</li></ul> <ul><li><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">Chinese stock bubble of 2007</a></li> <li><a href="/wiki/Uranium_bubble_of_2007" title="Uranium bubble of 2007">Uranium bubble of 2007</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2008–2014)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2008–)</li> <li><a href="/wiki/Corporate_debt_bubble" title="Corporate debt bubble">Corporate debt bubble</a> (2008–)</li> <li><a class="mw-selflink selflink">Australian property bubble</a> (2010–)</li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a> (2011–)</li> <li><a href="/wiki/Everything_bubble" title="Everything bubble">Everything bubble</a> (2020–21)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Carbon_bubble" title="Carbon bubble">Carbon bubble</a></li> <li><a href="/wiki/Green_bubble" title="Green bubble">Green bubble</a></li> <li><a href="/wiki/Social_media_stock_bubble" title="Social media stock bubble">Social media stock bubble</a></li> <li><a href="/wiki/Unicorn_bubble" title="Unicorn bubble">Unicorn bubble</a></li> <li><a href="/wiki/Higher_education_bubble_in_the_United_States" title="Higher education bubble in the United States">U.S. higher education bubble</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Australian_property_bubble&oldid=1255559566">https://en.wikipedia.org/w/index.php?title=Australian_property_bubble&oldid=1255559566</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Economic_history_of_Australia" 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