SYDNEY : Australia's booming housing market is leading to a build up of consumer debt that could become a risk to financial stability, a top central banker cautioned on Wednesday, while also noting the strength was positive for the economy overall.
"Whether or not there is need to consider macro-prudential tools to address these risks is something we are continually assessing." She noted that investor activity in the housing market was currently nowhere near the levels it was in 2014 when Australia's main banking regulator, APRA, introduced an investor lending benchmark.
Data from property consultant CoreLogic showed home prices were up more than 18per cent in August on a year before, the fastest pace since mid-1989.
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