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Australia house prices 'very elevated': ANZ Bank CEO

Bloomberg Published on Tue, Jun 06, 2017 / 2:03 PM GMT+8

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(June 6): The chief executive of Australia & New Zealand Banking Group has joined the chorus of voices warning of risks in Australia’s surging housing market, though he said the probability of an outright crash is “really low.”

Home prices are “very inflated,” ANZ’s Chief Executive Officer Shayne Elliott said in an interview Tuesday with Bloomberg Television’s Stephen Engle in Beijing. In Sydney, prices have gained 75% in the past five years, ranking it behind only Hong Kong as the world’s least affordable housing market.

Asked whether a crash is looming, Elliott said it’s “a really low probability, but it is certainly something we stress test a lot, and think about.”