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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
Source: RP Data; Rismark
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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
Source: RP Data; Rismark
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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
Source: RP Data; Rismark
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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
Source: RP Data-Rismark
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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
Source: RP Data-Rismark
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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
Source: RP Data-Rismark
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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
Source: RP Data-Rismark
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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)
Source: Rismark; RBA
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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)
Source: Rismark; RBA
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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%
Source: Rismark; RBA
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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)
Source: Rismark; RBA
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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
Source: Rismark; RBA
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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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