"Both of these countries had experiences a development binge which left them woefully over-supplied with houses."
bbloff, Australia also had a development binge on the back of the property bubble. I distinctly remember the shortage of builders around 2006 as they were going hammer and tongs building new houses.
I have already shown that Sydney and Melbourne have residential vacancy rates of 4.2%, not far off the 5% of England. Their cash rate is significantly lower than ours and immigration higher, yet their prices are still falling. How can you explain it?
