australians have a irrational obsession with property

The Reserve Bank has warned that Australians face unprecedented mortgage pressure over the next decade as lagging wages growth fails to keep up with record household debt, making it harder to pay down mortgages as interest rates inevitably rise.
The Reserve Bank said on Friday that in New South Wales and Victoria – where house prices have risen much faster over the last year than the rest of the country – the share of income required to service an average home loan over the next 10 years "is close to historical highs."
The reality check comes after ANZ chief Phil Chronican warned that Australians have an "irrational obsession" with property investment, calling for a frank debate about tax distortions that pump up house prices.


http://www.smh.com.au/business/rese...e-warning-to-home-owners-20141107-11ipxl.html
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