The Australian property market is faring better than those of other developed nations, an expert has suggested.
Rismark managing director Christopher Joye told SmartCompany.com.au that household debt is no higher in Australia than in other developed nations.
"Household debt in Australia is identical to that in New Zealand, Britain, Canada, and is less than in Norway and the Netherlands," he explained.
Mr Joye said that this view is supported by the Reserve Bank of Australia.
He went on to suggest that Australians are well equipped to handle this debt though, as defaults are rare and the country has a home ownership rate of around 70 per cent.
Earlier this week, Peter Jones, Master Builders' chief economist, said that the Australian property market will have a better chance of recovery if interest rates remain stable.
He claimed that this would increase the confidence of people who are upgrading to and investing in Australian property, as well as first home buyers.
Posted by Craig Francis