Sydney in grip of housing bubble, says Treasury

Canberra

SYDNEY is in the grip of a housing bubble, Australia's most-senior economic bureaucrat said in one of the strongest warnings yet by a government official.

"When you look at the housing price bubble evidence, it's unequivocally the case in Sydney - unequivocally," Treasury Secretary John Fraser said in testimony before a parliamentary committee in Canberra on Monday. "Frankly, whatever the data says, just casual observation would tell you that's the case."