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Commonwealth Bank denies a housing bubble

13/09/2010

Commonwealth Bank has lodged a 17-page presentation on the residential housing market with the Australian Securities Exchange which says concerns of a housing bubble were "superficial" and based on an incomplete analysis of the Australian market.

"In the light of recent commentary from a number of sources on the robustness of the residential housing market, the group, given its significant exposure to this section of the economy, anticipates that this will be an important issue for many of the investors it is scheduled to meet with," the bank said. GMO chief strategist Jeremy Grantham said in June that Australia had an "unmistakable" housing bubble and that prices had to fall by 42 per cent to return to the long-term trend.

Source: The Australian



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