This time it's different!
Aussie house prices are more than 50% above fair value, says GMO’s Edward Chancellor. NUH UH IT’S NOT A BUBBLE! 20% p.a. compounding growth is TOTALLY NORMAL! And didn’t you hear there’s a SHORTAGE?!? THIS TIME IT’S DIFFERENT!!1!!11!11eleven, says CBA economist Michael Workman.
In related news, CBA is the biggest mortgage lender in the Australian market, holding more than 25% of outstanding Aussie mortgages.