Sydney in grip of housing bubble, says Treasury
But house price gains are not seen as a major risk to the financial sector
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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."
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