Australian house prices could move towards “undesirably strong growth”, according to a Reserve Bank economist.

The RBA head of economic analysis Tony Richards told a housing forum that this country risks unusually high price growth which hurts low-income earners.

“As a nation, we are not really any richer when the price of housing rises, but the more vulnerable tend to be hurt,” he says.“We all need to consume some level of housing services, either rented or purchased. So a higher level of housing prices and rents allows less spending over our lifetimes on other items.”

Richards also says state governments and local councils must expedite zoning issues and protests from local residents so more high density housing can be built.

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