IMF economist warns Australian property prices are too high and are facing a substantial fall

[Nicholas Wallwork]

Property prices in Australia are too high and are facing a steep decline because of the huge gap*between income and house prices, according to the International Monetary Fund.

Likening the current cycle to a roller coaster which needs to come down from a steep hump,*economist Prakash Loungani told a conference in Washington that Australia was suffering a large*distortion between house price values and average incomes, as well as the most significant gap*between price-to-rent values.

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[Jaffasoft]

Was going to do a write up and contribute but rules are to restrictive and not interested! Australia