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IMF warns Australia on surging home prices

Business & Finance

SYDNEY: The International Monetary Fund (IMF) warned on Friday (Sep 24) that Australia must act to curb runaway home prices, which have surged more than 20 per cent in major cities over the past year.

With the COVID-19 pandemic doing little to cool Australia's turbocharged real estate market, the Washington-based institution urged policymakers to step up.

"Surging housing prices raise concerns about affordability and financial stability," the IMF warned in a periodic review of Australia's economy.

It urged "structural reforms" to boost the housing supply and support for those with low incomes who have been priced out of the market.

Financial oversight "should be tightened and lending standards closely monitored", the fund added.

Property speculation is virtually a national sport in Australia, where newspapers are filled with stories about the

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