McKinsey: Global housing bubble and why to keep renting in Australia for a while
Not entirely online related but still interesting data. Looking at the chart below it might be better to keep renting for a while in Australia if the downward trend continues.
Although the current crisis started with the bursting of the US housing bubble, other economies around the world are feeling the effects of their own real-estate booms and busts. From 2000 through 2007, a remarkable run-up in global home prices occurred (see exhibit). But that trend has reversed abruptly. In 2008, the value of US residential real estate fell 10 percent; the global average fared only somewhat better, declining by almost 4 percent. We estimate that falling home prices erased more than $3.4 trillion of household wealth in 2008. And because home prices are slow to correct, the current slide may persist for some time, which could depress global consumption.
Read the original article, "A global view of the housing bubble", here
http://www.mckinseyquarterly.com/newsletters/chartfocus/2009_10.htm
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