The OECD has warned Australia’s housing market could collapse
A LEADING authority on the world economy has warned that Australia’s inflated housing market is at risk of a “sharp correction”.
While the Organisation for Economic Cooperation and Development, was forecasting a three per cent growth in our economy next year, thanks to a rise in investment in the non-mining sector and exports, it feared the strength of the country’s property market could result in a “sharp correction” in house prices.
In a report released in Paris on Wednesday, the OECD said if commodity prices continued to fall, it would affect overall revenue and the cutbacks in production could become “substantial”. Read More.
Pop goes the bubble ... An erial view of Altona on Wunulla Road in Point Piper, Sydney. Picture: Supplied Source:Supplied
