Two leading property economists claim that Australia is in the midst of a housing sector bubble of unprecedented proportions, threatening to cause nationwide economic calamity upon its collapse.

Lindsay David and Philip Soos of LF Economics assert that Australia currently suffers from a perilous oversupply of housing that is the result of a “perverse” cultural obsession with home ownership, in tandem with a “degenerate” taxation system and rampant speculative behaviour. In a submission made to a parliamentary inquiry…