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Lindsay David wrote onMarch 27, 2015:

Australia is in one of the worst housing bubbles we have ever seen

” .  .  .  . since the mid-1990s, Australia’s strategy is for home buyers and investors to borrow heavily from lenders and flip houses to the next buyer who has taken out even more debt to speculate.

Today, all this country has to show for it is a $1.9 trillion mountain of household debt that will make the US credit-fuelled housing bubble of the last decade look like a walk in the park when our housing bubble bursts.

The unfortunate victims of today’s “wealth-creation” strategy are young home buyers and middle-income earners who are either completely priced out of the market or leveraged through the roof.

While our society lacks a meaningful and open debate on the toxic and rising levels of household debt, new home buyers in Sydney and Melbourne are entering the market and taking upon the most illogical sums of debt, courtesy of our over-leveraged banking system.    .  .  .  .   “