﻿Experts are warning that while the Australian property market is known to be overvalued, and while it is known that a correction is necessary, the government simply cannot afford to allow the market to burst, as the effect would be too detrimental to the Australian banking systems. New Zealand and Singapore have enacted strong policies to force adjustments in housing markets and Mr Van-Petersen said Australia could easily deflate the bubble by pulling the stamp duty tax charged to foreign buyers from properties of more than $15 million to, say, $1.5 million. The Reserve Bank of Australia has been trying for years to keep house prices in check. This report also highlights that in the event of ﻿political or economic turmoil in China, a huge wave of Chinese ﻿ ﻿﻿demand will hit the Australian property market; this article claims that Australia would not be prepared for such an influx.﻿
﻿Experts are warning that while the Australian property market is known to be overvalued, and while it is known that a correction is necessary, the government simply cannot afford to allow the market to burst, as the effect would be too detrimental to the Australian banking systems. The Reserve Bank of Australia has been trying for years to keep house prices in check. This report also highlights that in the event of ﻿political or economic turmoil in China, a huge wave of Chinese ﻿ ﻿﻿demand will hit the Australian property market; this article claims that Australia would not be prepared for such an influx.﻿