We had a feeling Australian real estate spruikers were lying to us about a grave undersupply of housing, just as Southern Californian realtors did in an effort to explain nosebleed high prices before their bubble burst.  But now we have the evidence.

Granting such licence to the real estate industry is no joke. The manner in which its boffins are permitted to lie to us has devastating social and economic consequences.

It’s got to change.

Until spruikers are read the Riot Act, Australia’s real estate valuers should ensure they keep arms length from them.