Function f_js_head($a) { ?> LF Economics: The Australian Phantom Housing Shortage - The Myth In Every Bubble

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Australia has experienced a nationwide boom in housing prices over the last two decades. Housing experts have claimed the price boom is based upon many fundamental factors, with a dire shortage of dwellings often cited as a major cause. These vested interests, particularly the FIRE (finance, insurance and real estate) sector, are adamant that a dwelling shortage is responsible.This argument is not new. Every country that suffered through a severe housing cycle during the GFC had experts claiming prices were based upon fundamental factors of supply and demand. Shortages were considered to exist by definition; there was no need to examine the data to see what the facts really were.Considering the failures of the many economists, analysts and researchers on government and corporate payrolls to test for dwelling shortages in other countries, avoiding this trap is a sound course of action.While the vested interests have fallen into the trap of inferring a dwelling shortage from historically high and rising prices, LF Economics has analysed the data to show the shortage is a myth, and a considerable surplus has emerged over the course of the housing price boom.This report is updated quarterly.*Please note pricing is in $USD.
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