I posted the extract underneath it here is the extract again ....3 rd time now read the last paragraph..... The countries that have experienced the largest unexplained increases in house prices over the past decade are Australia, Ireland, and the United Kingdom; house prices in these countries were 20 percent to 30 percent higher in 2007 than can be attributed to fundamentals. A group of other countries—including France, Italy, the Netherlands, and Spain —have house price gaps of between 10 percent and 20 percent.
read note 4. to the report
******* As noted in the 2008 IMF staff report for Australia, if some country- specific factors, particularly the impact of long-term migration on housing demand, are taken into account, the results do not produce evidence of a significant overvalulation of house prices
