London

THE Organisation For Economic Cooperation and Development (OECD) has issued a sharp warning that property bubbles in key member nations could implode.

Following on from the warning in the OECD's November report, Catherine Mann, the organisation's chief economist, has warned that a "number of countries", including Australia, New Zealand, the UK, Canada, Sweden, Germany and Switzerland, had "very high" commercial and residential property prices that were "not consistent with a stable real estate market".