The Australian Financial Review --- Page: 4 : 4 April 2008 Original article by Adrian Rollins
LexisNexis Summary
The International Monetary Fund (IMF) says Australian property is significantly overvalued and there is a greater risk of a correction in house prices. Fundamental economic factors including wages and population growth do not account for 25% of the rise in house prices between 1997 and 2007, the IMF said. There is increasing pressure on the Australian Government to help secure funding more non-bank lenders to maintain competition in the mortgage market. Mortgage & Finance Association of Australia CEO, Phil Naylor, noted the major banks' share of the mortgage market has risen from 80% to 87% in the past year.
