Australian property hits dizzying heights

Property investment has been running so hot for so long that Australia could be headed for another mining-style bust.

Australia’s ability to sail through the global financial crisis without a single quarter of negative growth is as much about property as it is about commodities. Since 2010 the country has been in the grip of a construction boom, with investment in residential and commercial real estate making up for a plunge in mining projects.  

The property industry now accounts for one in every nine dollars generated in the economy and provides employment to millions of people. 

The promise of ever-rising prices has made buying a home or rental property a national pastime and led to a 60% increase in household debt mostly in mortgages....

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