The International Monetary Fund has warned global central banks to keep house prices under control.
It says property values in Australia are among the most expensive in the world when you factor incomes.
Harley Dale, Chief Economist from the Housing Industry Association says, "We're certainly pushing up against the historical high. We're around 4.3 times incomes as required to get into the property market."
But he adds price-to-income ratios are just one factor in determining housing affordability.
"Broader factors need to be considered, credit growth for example which continues to be quite slow by historical standards."
Furthermore, recent statistics from RP Data shows house price growth have eased recently, and in fact fallen in the country's hottest market, Sydney.
Mr Dale says new supply is also in the pipeline.
"Overall we're on track to probably build our second highest number of new homes on record in calender year 2014."
Watch SBS Business Reporter, Ricardo Goncalves speak with Harley Dale here, to find out what he thinks the RBA can do, to keep a lid on prices.
