Sydney houses hit $1 million median

Editorial director of Switzer
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As auction clearance rates remain at record highs, and activity on the real estate market in Sydney and Melbourne continues to go gangbusters, it’s inevitable that we hear increasing talk of a “bubble”.

The RBA provided some relief last week when assistant governor Malcolm Edey said such talk was “unrealistically alarmist”.

The problem with the argument about a “bubble” in Australia, particularly when it comes from international commentators, is that it ignores the substantial undersupply problem here, versus the opposite problem that caused the US crash.

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