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Australian Property Market
The Australian property market comprises the trade of land and its permanent fixtures located within Australia. The average Australian property price grew 0.5% per year from 1890 to 1990 after inflation,[1] however rose from 1990 to 2017 at a faster rate and may be showing signs of a contracting economic bubble. House prices in Australia receive considerable attention from the media and the Reserve Bank[2] and some commentators have argued that there is an Australian property bubble. The residential housing market has seen drastic changes in prices in the past few decades. The property prices are soaring in major cities like Sydney, Melbourne, Adelaide, Perth, Brisbane and Hobart.[3] The median house price in Sydney peaked to $780,000 in 2016. [4] However, with stricter credit policy and reduced interest from foreign investors in residential property, prices have started falling in all the major cities
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Economic Bubble

An economic bubble or asset bubble (sometimes also referred to as a speculative bubble, a market bubble, a price bubble, a financial bubble, a speculative mania, or a balloon) is a situation in which asset prices appear to be based on implausible or inconsistent views about the future.[1] It could also be described as trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value.[2][3][4] While some economists deny that bubbles occur,[5][
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Real Estate Bubble
A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets, and typically follow a land boom. A land boom is the rapid increase in the market price of real property such as housing until they reach unsustainable levels and then decline. This period, during the run up to the crash, is also known as froth. The questions of whether real estate bubbles can be identified and prevented, and whether they have broader macroeconomic significance, are answered differently by schools of economic thought, as detailed below.[1] Bubbles in housing markets are more critical than stock market bubbles. Historically, equity price busts occur on average every 13 years, last for 2.5 years, and result in about 4 percent loss in GDP
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Tourism In Australia
Tourism in Australia is an important component of the Australian economy, and consists of domestic and international components. In the financial year 2014/15, tourism represented 3.0% of Australia's GDP contributing A$47.5 billion to the national economy.[2] In 2019, the contribution was a record $44.6 billion.[3] Domestic tourism is a significant part of the tourism industry, representing 73% of the total direct tourism GDP.[2] In calendar year 2015, there were 7.4 million international visitors in Australia,[4] and 8.6 million in the year to June 2019, an increase of 3%.[3] Tourism employed 580,800 people in Australia in 2014–15, 5% of the workforce.[2] About 43.7% of persons employed in tourism were part-time
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