The ESRI says the situation is significantly different to the property bubble of the 2000s
House prices are around 17 per cent higher than can be justified by incomes, interest rates and demographics, according to new ESRI research.
It says the level of overvaluation has increased since its last assessment in 2024, with middle-income households facing the greatest affordability pressures.
The ESRI says the situation is significantly different to the property bubble of the 2000s, as excessive borrowing and loose lending are not driving current prices.
It says affordability has worsened as house prices have risen faster than incomes, while higher mortgage rates and insufficient housing supply are adding to the pressure.
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