Be Prepared for a Housing Market Price Dive, OECD Warns Australia

In its latest survey of Australia, the Paris-based group forecast economic growth of 2.9 percent next year, leading to a gradual pickup in wages and inflation. While it said the housing market’s cooling was so far orderly, it warned that high property prices and household debt were potential instabilities. “Risk of an overshoot in the price correction -- a hard landing -- remains,” the Organisation for Economic Co-operation and Development said in its report.

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