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Australia’s house prices are disconnected from reality – and the RBA wants you to know it isn’t to blame | Greg Jericho

Residential property prices in the June quarter across Australia rose by nearly 7% – smashing the previous record set in 2009

Amid the insanity of house prices soaring, the head of the Reserve Bank has had enough of being blamed. With the latest data showing house prices going up faster than ever before, the head of the Reserve Bank has placed the blame squarely in the hands of the federal and state governments.

Just in case you needed more evidence that Australia’s housing market is detached from reality, the latest figures from the bureau of statistics show that were you living in Sydney and had got pregnant last September, by the time you gave birth the median price of a house in Sydney had risen by almost $240,000. Overall residential property prices in the June quarter across Australia rose by nearly 7% – smashing the previous record of 5.5% set in 2009:

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