the great oz housing scam exposed

From banks to the real estate industry to the housing and development industry to the media - all the major vested property interests continue to blow hot air into Australia's housing market.

Aussie banks are currently on a mission to sell the world our dodgy mortgage products, but who is going to fall for it and buy them? That's the question the CBA asked themselves so they decided the only way was to doctor the figures - only this time they got caught (see article below).

Oz Real Estate and the desperate banks

..There are in fact plenty of houses around, the problem is "affordability" caused by excessive speculation demand and government incentives. When the demand falls, for whatever reason, so will the prices.

.. That is right, they have completely neglected to talk about one of the biggest problems housing prices face over the next 10 years. As those 1.4 million boomers retire so do their tax incentives (you know the ones that are the second most generous in the world) as they can no longer negative gear. A good proportion of them will want to sell their investments to fund their retirement. Suddenly hundreds of thousands, maybe up to a million, investment houses become retirement funding vehicles and enter the market for sale. House prices are governed by "stock on the market", not total stock , we wonder why Goldman Sachs neglected to mention that?

So is there a bubble? Well as we mentioned at the beginning, Goldman already stated that they believed housing was 30% overvalued even with undersupply and demographics on their side. Take them away and we could only conclude the answer is YES.

http://delusionaleconomics.blogspot.com/2010/09/oz-real-estate-and-desperate-banks.html

Meanwhile, the CBA's desperate shenanigans could be construed as attempted fraud of investors. And we thought all the crooks were on Wall Street!

http://www.debtdeflation.com/blogs/2010/09/11/overseas-investors-the-commonwealth-bank/

Finally some in this country, besides Steve Keen, see the Australian housing market for what it is. If it looks like a duck & quakes like a duck - let's just call it a duck shall we?

Not so fast. It's not just the banks but also other powerful vested interest (Australia's Real Estate Institutes) that have also been caught doctoring the numbers while pressuring media execs to sacrifice the whistle blower;

http://www.crikey.com.au/2006/09/11/has-fairfax-kicked-out-a-fearless-commentator-for-doing-his-job/

And then there's the powerful housing industry;

http://www.theaustralian.com.au/business/property/housing-industrys-missing-persons-reports-pure-fiction/story-e6frg9gx-1225912980273?from=public_rss

These articles show just how desperate Australia's vested property interests have become in trying to prevent the housing shortage myth, and indeed our housing bubble, from being busted. But for how much longer can they maintain the charade?