For years, Australia’s anti-housing bubble defenders have argued that the Australian housing market is “different” because Australia had not experienced the kinds of housing supply prevalent in places like Ireland, the US and Spain, therefore, Australian values were underpinned by a chronic “undersupply” of dwellings and pent-up demand.
For example, in September 2010, CBA released a presentation entitled “Australian residential housing mortgages: CBA mortgage book secure”, which was presented to the Group’s offshore shareholders and other investors interested in Australia and the Australian banking sector.
