Original article by Patrick Durkin
The Australian Financial Review – Page: 1 & 6 : 18-May-15

Australian Securities & Investments Commission chairman Greg Medcraft has raised concern about the growth in residential property prices in Melbourne and Sydney. He notes that the long-term average income to average household income is now at a record high, and he warns that interest rates will eventually rise. Medcraft is particularly concerned about self-managed superannuation funds investing in residential property, as a house is often their only asset.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, FIRSTMAC LIMITED, RESERVE BANK OF NEW ZEALAND, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, THE CASH STORE PTY LTD, NIMBLE PTY LTD, COUNCIL OF FINANCIAL REGULATORS