Australian housing 'bubble' fears overblown - HSBC

Bloomberg reports comments from HSBC Holdings Plc’s local Chief Economist Paul Bloxham, noting the following on the Australian housing market:

“At a national level, a key reason for rising housing prices has been housing under-supply.” 

“This also suggests that a significant fall in Australian housing prices, as occurred in the U.S. and Spain during the global financial crisis, is unlikely.”

 “fundamental factors” largely explain the price boom and, “as a result, we do not judge it to be a bubble.”