aussie housing market looked like a bubble set, page-63

we'll see what the next quarter looks like. then the next and the next.

http://www.bloomberg.com/apps/news?pid=20601081&refer=australia&sid=a6cGyeMmk1Ys

Australian House Prices Fall Most in Five Years on Higher Rates

By Jacob Greber

June 7 (Bloomberg) -- Australian house prices fell in the first quarter by the most in five years after the central bank raised interest rates at the fastest pace in more than a decade.

The median price for houses fell to A$458,488 ($439,644) in the March quarter, down 2.7 percent from the previous three months, the Real Estate Institute of Australia and Mortgage Choice Ltd. said. Apartments also fell 2.7 percent to A$355,297.