In the context of the ongoing Chinese debt bubble crisis (yet to explode into a full crisis, but the timer is ticking ominously), the ZeroHedge presented the following chart:
The dire state of the global economy post-QE waves of 2008-2017 is reflected in the vast asset bubbles building up across the main markets, with Canada, China, Australia leading the surge, while the U.S. residential property prices are now also at historical peak (previous peak reading was at 184.62 against current at 195.05):
New Zealand is not far off from its neighbour, Australia:
In short, things are getting beyond the pre-2007 bubble levels and the risks of a blowout in global property markets are rising. All we need is a catalyst for breach, which is likely to be either a ramp up in credit costs in the advanced economies or a tightening of credit in China, or both.