Original article by Jonathan Shapiro
The Australian Financial Review – Page: 1-Aug : 15-Jul-14

The Reserve Bank of Australia has released a research paper which refutes suggestions that house prices are overvalued. The report estimates that since 1955, house prices have risen by 2.4 per cent annually after adjusting for inflation. It concludes that many people may be better off renting a home rather than buying into the property market if house price growth falls below this long-term average

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RESERVE BANK OF AUSTRALIA, HSBC AUSTRALIA HOLDINGS PTY LTD, UNIVERSITY OF NEW SOUTH WALES, INTERNATIONAL MONETARY FUND, THE ECONOMIST NEWSPAPER LIMITED, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT