Scot updates the news in their frenzied market:



MORTGAGE fraud by brokers and banks could bring on a financial meltdown, an economic researcher has warned.

As at least three of the major banks investigate allegedly dodgy loans to Chinese buyers, LF Economics founder Lindsay David says fraudulent lending is rife in Australia’s property market — and that we should all be scared.

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A house with a million dollar price tag used to be confined to the super wealthy suburbs in Australia’s biggest cities. Today, properties with that sort of asking price are commonplace, even in the urban fringes, with little infrastructure and lengthy commute times.

In Melbourne, the median house price is $700 thousand dollars, around 10 times the average wage. In Sydney, there are suburbs more expensive than Manhattan. It’s why the IMF declared Australia one of the most expensive countries in the world to buy property in.

This week reporter Ben Knight explores the housing crisis locking younger people out of home ownership and the negatively geared world of investors building their nest eggs.