Noonan blind to ‘housing bubble’

Finance Minister Michael Noonan’s statement that fears of a new housing bubble are ‘wildly exaggerated’ must not go unchallenged.

His comments indicate that people like him, who have been unaffected by the economic mess and cuts his political class created and inflicted, have learnt nothing and are reverting to type, aided by a meek and compliant media.

Mr Noonan is in his 70s, so he’ll remember how much his first house cost and how much he was earning then. One of his officials should show him the current average price of a house and the average salary, and then add on childcare and travel costs, and Mr Noonan will find that, even with two incomes, the figures do not add up, and that price inflation is still unsustainable when it exceeds four, five, six times salary.