Aussie Housing Market

8/8/2019 Aussie Housing Market

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Rismark International Funds Management Ltd ABN 15 114 530 139, AFS licence number 293881This presentation is strictly private and confidential and should not be distributed or duplicated under any circumstances

Pr esentation toMacquarie Corporate Dayin Singapore & Hong K ong

Christopher R.E. Joye

Managing DirectorRismark International

September 2010Strictly Private & Confidential


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Agenda

1. About Rismark

2. Introduction

3. Have Australian House Prices Risen Too Rapidly?

4. International Comparisons

5. Were the Real Bubbles in Equities (shhh!)?

6. What is Happening to the Aussie Housing Market Now?

7. Solid Underlying Fundamentals

8. How Vulnerable are Australian Borrowers?9. Investment Solutions for those that want to Hedge or Go Long


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1. About Rismar k


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1. About Rismar k

Partnered with Australias leading data company, RP Data Ltd (ASX: RPX)

Australias leading residential real estate research & investment business

Awarded 15x patents in Australia, US and Singapore Hedonic house price indices

Automated property valuation models

A range of investment solutions

Listed and OTC house price index hedge/shorts

Listed and OTC house price index longs

Direct longs


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2. Introdu ction


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2. Why is Aussie Housing Mar ket Important?

At $3.5 trillion, housing is Australias most valuable asset-class

2.5x size of Aussie equities market ($1.4 trillion)

Biggest source of household wealth (c. 61%) Most important bank balance-sheet asset

$1 trillion of residential mortgages on bank b/s

62% of bank assets are residential loans

Australia has very concentrated banking system

Four majors control c.83% of bank residential credit

Four majors currently AA rated (only 16 AA rated (S&P) or better banks in world)

Australian banks heavily reliant on wholesale funding

Very high 120% loan-to-deposit ratio

Housing is Australias biggest potential source of financial stability risk


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2. Popular Trade: Short Aussie Banks & Aussie House Pr ices

The Economist newspaper:

2010: Australian housing 61.1% over-valued

2010: Australian property is the most overvalued of any of the 20 countries we track Jeremy Grantham , GMO:

2010: Australian housing is a time bomb

2010:You are at near 7.5 times family income which suggests you are 2x size you should be

Gerard M inack, Morgan Stanley:

2010: Australias debt-fuelled housing market remains a major macro risk

2010:House prices are around 40% above fair valuehousing is a bubble

Assoc. Prof. Steve Keen, Aussie Rou bini-wan nabe:

2008: Price of housing is going to fall by 40 per cent or so in the next few years

2010: Expects to see an an accelerating rate of decline in [Australian] house prices now


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3. Have Australian House Pr ices Risen Too Rapidly?


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3. Dwelling Pr ices Tracked Disposable Incom es 1:1 Last 7 Year s

Australian Disposable Hou sehold Incomes vs.Capital City and Rest of State H ousing Costs

0

50

100

150

200

Dec-03

Mar-04

Jun-04

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Dec-06

Mar-07

Jun-07

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

RP Data-Rismark Capital City Hedonic Dwelling Prices

RP Data-Rismark Rest of State Hedonic House Prices

ABS Disposable Household Incomes (per h/hold)

Source: RP Data-Rismark


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Risma rk Aus tralian All Regions Dw elling Price-to-Incom e Ratio Index:

0x

1x

2x

3x

4x

5x

6x

7x

8x

Mar-93

Sep-93

Mar-94

Sep-94

Mar-95

Sep-95

Mar-96

Sep-96

Mar-97

Sep-97

Mar-98

Sep-98

Mar-99

Sep-99

Mar-00

Sep-00

Mar-01

Sep-01

Mar-02

Sep-02

Mar-03

Sep-03

Mar-04

Sep-04

Mar-05

Sep-05

Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Mar-10

Rismark All Regions Trimmed Mean Dwelling Price-to-Income RatioRismark All Regions Median Dwelling Price-to-Income Ratio

3. Jerem y Grantham is W ron g: the Pr ice-to-Income Ratio is just 4.6x

RBA: the ratio of house prices to income is not that different from most other countries

Jeremy Grantham (GMO)

Source: Rismark; ABS; HIA


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3. Inflation-Targeting Regime Dr ove Dow nw ard Sh ift in Nomina l Rates

Australian Hea dline Mor tgage Rates

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Jan-80

Jan-81

Jan-82

Jan-83

Jan-84

Jan-85

Jan-86

Jan-87

Jan-88

Jan-89

Jan-90

Jan-91

Jan-92

Jan-93

Jan-94

Jan-95

Jan-96

Jan-97

Jan-98

Jan-99

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

12.6%

7.3%

RBA formally agrees 2-3%inflation target

Source: Rismark; RBA


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4. International Com parisons


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Dwelling Pr ice Grow th since Janu ary 2000

0

50

100

150

200

250

300

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Australia NZ UK US Canada

4. Australia Under perform ed Between 2003 and 2006

8.9%

7.8%

7.4%

6.9%

3.4%

CAGRs

Source: RP Data-Rismark; NZ REI; Case-Shiller; Acadametrics; Teranet


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4. Australia has Mu ch Higher Urban Concentrations

Population Living in Urban Ar eas of Gr eater than 750,000 Person s

61%

48%47%

43%

29% 29%

25%

30%

35%

40%

45%

50%

55%

60%

65%

Australia Japan United States Canada New Zealand UnitedKingdom

Source: PRB


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4. Australia has Much Higher Projected Population Grow th Rate

Japan

Pr ojected Population Change 2009-2050

55%

43%

27%24% 24%

-25%-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

Australia United States New Zealand Canada United

Kingdom

Japan

Source: PRB

Japan


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Jap.

4. Australian Popu lation Grow th Amo ngst Highest in Developed W orld

Population Grow th Rates over the Last 11 Years (to end 2008)

90

95

100

105

110

115

120

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Australia Canada New Zealand United Kingdom United States Japan

Aust.

Source: Rismark; IMF


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4. Substantially Stronger than US and UK

Annu al Population Chang e (1999 to 2009)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

Sep-99

Mar-00

Sep-00

Mar-01

Sep-01

Mar-02

Sep-02

Mar-03

Sep-03

Mar-04

Sep-04

Mar-05

Sep-05

Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Australia US UK

Source: Rismark; US Census Bureau; Statistics UK


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5. Wer e the Real Bubbles in Equities (shhh!)?


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5. US Peak-to-Trou gh: Shar es Fell by 52.6% vs. 32.6% for Ho use P rices

Collapse of US Credit Creation System with Fannie, Freddie & FHA Funding c. 90% of Hom eLoans

0

20

40

60

80

100

120

140

Jan-06

Mar-06

May-06

Jul-06

Sep-06

Nov-06

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

S&P500 Case-Shiller 20 City Composite

Source: Rismark; S&P


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5. UK Peak -to-Trou gh: Shar es Fell by 43.0% vs. 13.6% for H ouse Pr ices

Partial Nationalisation of the UK Ba nking System w ith Extreme Residential Credit Rationing

0

20

40

60

80

100

120

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

FTSE 100 UK Academetrics House Prices

Source: Rismark; FTSE; Academetrics


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5. Australia Peak -to-Trou gh: Shar es Fell by 50.5% vs. 3.8% for Hou se Pr ices

Australian B anking System Rem ains Secure with Positive Residential Credit Grow th

0

20

40

60

80

100

120

140

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

S&P/ASX 200 RP Data-Rismark Dwelling Prices

Source: RP Data-Rismark; S&P


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6. Wha t is Happening to Aussie Housing Mar ket Now?


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6. After 6x Ra te Increases, Vendor s are Discounting Prices More

Vendo r Discounting from List Prices for Hou ses

-10%

-9%

-8%

-7%

-6%

-5%

-4%

-3%

-2%

-1%

0% M

ay-05

Aug-05

Nov-05

Fe

b-06

M

ay-06

Aug-06

Nov-06

Fe

b-07

M

ay-07

Aug-07

Nov-07

Fe

b-08

M

ay-08

Aug-08

Nov-08

Fe

b-09

M

ay-09

Aug-09

Nov-09

Fe

b-10

M

ay-10

Sydney Houses Melbourne Houses Brisbane Houses

Source: RP Data; Rismark


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6. Auction Clearance Ra tes have Declined but Now Stabilised

RP Data Austr alian Capital City Auction Clearan ce Rates

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10



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6. Inven tories Acr oss Austr alia have Risen a Little Higher

Australia-wide New Listings and Relistings of Dw ellings

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

03/01/07

21/02/07

11/04/07

30/05/07

18/07/07

05/09/07

24/10/07

12/12/07

30/01/08

19/03/08

07/05/08

25/06/08

13/08/08

01/10/08

19/11/08

04/01/09

22/02/09

12/04/09

31/05/09

19/07/09

06/09/09

25/10/09

13/12/09

31/01/10

21/03/10

09/05/10

27/06/10

15/08/10

Relistings New Listings



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6. Inven tories Acr oss Capital Cities W ell Below 200 8 Levels

Austr alia-wide New Listings and R elistings of Capital City Dw ellings

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

03/01/07

28/02/07

25/04/07

20/06/07

15/08/07

10/10/07

05/12/07

30/01/08

26/03/08

21/05/08

16/07/08

10/09/08

05/11/08

31/12/08

22/02/09

19/04/09

14/06/09

09/08/09

04/10/09

29/11/09

24/01/10

21/03/10

16/05/10

11/07/10

Relistings New Listings



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6. Capital City and Re st of State Dwe lling Pr ices have Taper ed (Sho ck!)

Australian Res idential Pr ice since Jan uary 2007

100

105

110

115

120

125

130

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

RP Data-Rismark Capital Cities Hedonic All Dwellings RP Data-Rismark Rest of State Hedonic Houses



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6. Price Tapering Clear Across All Subur bs During Second Quarter

Per forman ce of Australian Capital City Subur bs(All Dw ellings) Ranked b y Price since Decem ber 2009

97

98

99

100

101

102

103

104

105

106

107

108

109

Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10

Bottom 20% of Suburbs Middle 60% of Suburbs Top 20% of Suburbs



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Australian Residential Prices since Januar y 200 7

0

20

40

60

80

100

120

140

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

RP Data-Rismark Capital Cities Hedonic All Dwellings RP Data-Rismark Rest of State Hedonic Houses

6. But Put it in Con textCapital Cities and Rest of State with Prope r Scaling



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6. Same for Cheap, Middle and Expensive Suburbs

Per form ance of Austr alian Capital City Subu rbs(All Dwellings) Ranked b y Price since Decem ber 2008

0

20

40

60

80

100

120

140

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

Bottom 20% of Suburbs Middle 60% of Suburbs Top 20% of Suburbs



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6. Good News: Markets Think No More R ate Hikes (But is Market W ron g?)

SFE Interban k Futures Implied Cash R ate

0%

1%

2%

3%

4%

5%

6%

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Source: Rismark; ASX


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7. Solid Underlying Fundam entals


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7. Big Divergence betwee n Grow th in Population and Grow th in New SupplyNew B uilding Appr ovals vs. Increase in Aus tralia's Resident Population:

Quarterly Moving Ann ual Change

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Sep-84

Mar-85

Sep-85

Mar-86

Sep-86

Mar-87

Sep-87

Mar-88

Sep-88

Mar-89

Sep-89

Mar-90

Sep-90

Mar-91

Sep-91

Mar-92

Sep-92

Mar-93

Sep-93

Mar-94

Sep-94

Mar-95

Sep-95

Mar-96

Sep-96

Mar-97

Sep-97

Mar-98

Sep-98

Mar-99

Sep-99

Mar-00

Sep-00

Mar-01

Sep-01

Mar-02

Sep-02

Mar-03

Sep-03

Mar-04

Sep-04

Mar-05

Sep-05

Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

New Building Approvals Increase in Resident Population

Source: Rismark; ABS


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Chan ge in ABS Po pulation Pro jection s

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

45,000,000

50,000,000

2006

2010

2014

2018

2022

2026

2030

2034

2038

2042

2046

2050

2054

2058

2062

2066

2070

2074

2078

2082

2086

2090

2094

2098

Series B (2008) Series B (2004)

7. Treas ur y Expects c. 60% Increa se in Resident Popu lation by 2050

Treasury IGR: 36m

Source: Rismark; ABS


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7. Dem and-Supply Disconn ect Drive Under lying Hou sing Shortage

ANZ Estimates for Australian Housing Dema nd an d Housing Supply

-100,000

0

100,000

200,000

300,000

400,000

500,000

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

NumberofDwellings

Demand less Supply Underlying Supply Underlying Demand

Source: ANZ


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8. How Vulnerable are Australian Borrow ers?


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8. Househ old Debt Not Unusu ally High

RBA: the current household debt ratio in Australia is similar to that in most developed countries

Source: RBA


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8. Thr ee-Quar ters of Debt Held by Top 2x Incom e Quintiles

RBA: The increased debt has mostly been taken on by households which are in the strongestposition to service itthe big increases in household debt over the past decade have been at the highend of the income distribution

RBA: Households in the top two income quintiles account for 75 per cent of all outstanding

household debthouseholds in the bottom two income quintiles account for only 10 per cent ofhousehold debt

Source: RBA


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8. Australian H ousing Leverage Less than Half US Levels

RBA: Total gearing in the housing sector is just 29%, which is less than half US leverage

RBA: Total household debt to household assets ratio is also less than 20%

Source: RBA


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8. Chan ge in Debt-to-Assets Ra tios Fun ction of Inflation-Targeting

Long-Term Australian Debt to Asse ts Ratios

0%

10%

20%

30%

40%

50%

60%

Jun-77

Jun-78

Jun-79

Jun-80

Jun-81

Jun-82

Jun-83

Jun-84

Jun-85

Jun-86

Jun-87

Jun-88

Jun-89

Jun-90

Jun-91

Jun-92

Jun-93

Jun-94

Jun-95

Jun-96

Jun-97

Jun-98

Jun-99

Jun-00

Jun-01

Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

DebttoAsse

tsRatio

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

MortgageRates

Household Debt to Household Assets (LHS)Housing Debt (Only) to Housing Assets (LHS)

Variable Mortgage Rates (RHS)



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Compa r isons of Official Interest Rates

0%

1%

2%

3%

4%

5%

6%

7%

8%

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

US Japan Euro Area UK Canada Australia

8. Australia Does h ave High Interest Rates (c. 85% Resi. Borro we rs Var iable)



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RBA Estimates of Non-Per form ing Housing Loans

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Jan-90

Jan-91

Jan-92

Jan-93

Jan-94

Jan-95

Jan-96

Jan-97

Jan-98

Jan-99

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Percento

fLoans

Australia** US** UK+ Spain Canada**+

8. But Consistently Very Low Mor tgage Default Rates

8.7%

2.9%

2.4%

0.68%0.45%



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8. System -W ide Househo ld DSCR is StrongHouse hold Interes t Repaym ents to Disposable Incom e

0%

5%

10%

15%

20%

25%

30%

35%

40%

Jun-77

Jun-79

Jun-81

Jun-83

Jun-85

Jun-87

Jun-89

Jun-91

Jun-93

Jun-95

Jun-97

Jun-99

Jun-01

Jun-03

Jun-05

Jun-07

Jun-09

InterestRepaymentsto

DisposableIncom

e

Ratio

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Mortg

ageRates

Total Interest Repayments to Disposable Household Income (LHS)

Mortgage Interest Repayments to Disposable Household Income (LHS)

Variable Mortgage Rates (RHS)



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RBA: Only ~2.5% of borrowers have LVR 90% AND repayments 50% disposable income

RBA: Only ~3.5% have LVR 80% AND repayments 50% disposable income

8. Only Small Share of High Risk Borrow ers

Source: RBA


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8. Australia ha s not Experienced Debt-Fuelled Pr operty Boo m since 2007Grow th in Australian Housing Credit Outstanding Very Low

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Feb-90

Aug-90

Feb-91

Aug-91

Feb-92

Aug-92

Feb-93

Aug-93

Feb-94

Aug-94

Feb-95

Aug-95

Feb-96

Aug-96

Feb-97

Aug-97

Feb-98

Aug-98

Feb-99

Aug-99

Feb-00

Aug-00

Feb-01

Aug-01

Feb-02

Aug-02

Feb-03

Aug-03

Feb-04

Aug-04

Feb-05

Aug-05

Feb-06

Aug-06

Feb-07

Aug-07

Feb-08

Aug-08

Feb-09

Aug-09

Feb-10

Quarterly Change in Credit Outstanding Annualised

Six Monthly Change in Credit Outstanding Annualised



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8. Wh at Happened in 1991 Recession with Huge Spike in Unemploym ent?

Wh at Happened Du ring the 1991 Recession whenUnem ploymen t Rose from 5.6% to 10.9% and M ortgage Rates Averaged 13.7%?

0

20

40

60

80

100

120

Dec-89

Feb-90

Apr-90

Jun-90

Aug-90

Oct-90

Dec-90

Feb-91

Apr-91

Jun-91

Aug-91

Oct-91

Dec-91

Feb-92

Apr-92

Jun-92

Aug-92

Oct-92

Dec-92

REIA ABS RP Data-Rismark Residex CBA/HIA

Source: RP Data-Rismark; ABS; Residex; REIA; CBA/HIA


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9. What about China?


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Urba nisation vs. Sha re of Labo ur Employed in Farm ing

0%

20%

40%

60%

80%

100%

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

Share of Urban Population Share of Labour Employed in Farming

9. 40% of Labour Still Employed in Agriculture ; Only 46.6% Urbanised

Source: UBS


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9. House Pr ice-to-Incom e Ratios Look High; But also Low !

Chinese H ouse Pr ice-to-Incom e Ratios

0x

2x

4x

6x

8x

10x

12x

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

House prices to average urban income House prices to home buyers income

Source: UBS; Rismark


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9. Very Low Levels of Household Leverage

Household Debt as a Sha re of GDP

0%

20%

40%

60%

80%

100%

120%

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

China US Korea

Source: UBS


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9. Very Low Levels of Household Leverage

Household Debt as a Share of Disposable Income

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

China US Korea

Source: UBS


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Avera ge Monthly Annual House Price Growth : Janua ry 2000 to Mar ch 2010

9.0%

8.3% 8.2%

6.8%

5.9%

4.0%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Australia NZ UK Canada China 70 City New

US

U

Source: UK (Academetrics, Composite Indices); US (Case-Shiller 20 City, Repeat-Sales); Canada (Teranet, Repeat-Sales); Australia (RP

Data-Rismark, Hedonic); NZ (REINZ, Stratified); China (National Bureau of Statistics)

9. China 70-City New Ho uses Ind ex has U n d e r p e r fo r m e d since 2000


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Avera ge Monthly Annual House Pr ice Grow th: July 2005 to March 2010

6.4% 6.3% 6.3%5.6%

5.4%

2.5%

-3.6%

-6%

-4%

-2%

0%

2%

4%

6%

8%

Canada Australia China 70 City New

China 70 CityEstablished

NZ UK USU

Source: UK (Academetrics, Composite Indices); US (Case-Shiller 20 City, Repeat-Sales); Canada (Teranet, Repeat-Sales); Australia (RP

Data-Rismark, Hedonic); NZ (REINZ, Stratified); China (National Bureau of Statistics)

9. China 70-City New/Estab. House s Index have N o t O u t p e r fo r m e d since 2005

US


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Aussie Housing Market

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