Australia property bubble?

On a first inspection it is looking frothy in Oz. In House values across the capital cities rpdata displays thematic maps of capital cities showing price vs. location. Here’s one example, which is the most “affordable” among the capitals, our home port of Hobart, Tasmania:

Rental yields do not look good at all:

More on the Aussie market here: The high price of punting on property. The RBA (Reserve Bank of Australia) Statement on Monetary Policy for Nov 2010 has quite a bit of data on residential properties. Such as this summary of dwelling prices:

How is the above Aussie data different from this USA data? Here is another rpdata summary graphic that makes the comparison. An obvious difference is the Aussie prices haven’t yet collapsed (this looks a lot like the chart for Spain). How long can the resource boom keep the Aussie prices so high? What happens when China has an oops?

And just for my records, here are the capital city relative house-inflation charts (Hobart is too small to rate a curve):