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Australia's lending policy will 'hold up' property market

Good lending standards will help Australia’s housing market weather the economic slowdown, one of the country’s leading economists has claimed.

Ric Battellino, deputy governor of the Reserve Bank of Australia, said he was confident of the housing sector’s future.

He told the Urban Development Institute of Australia: "We continue to believe that the market here will hold up better than overseas."

Despite recent house price falls, the average UK property still costs £157,226 – more than in many expatriate destinations.

Mr Battellino explained that there were a number of reasons Australian property will retain its value "but perhaps the most important is that we did not have the same deterioration in lending standards that occurred elsewhere", he commented.

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