While there are periods where growth in housing prices diverge, most obviously in NSW and Victoria in recent years, they follow a very similar pattern. This partly reflects the fact that some cities that are close to the capitals tend to experience similar movements in house prices as the capitals.
This was seen to be a repeat, although on a smaller scale, of the situation in the 1880s and 1890s. The Commission argued that a strong central bank might have been able to limit the unhealthy expansion that eventually brought about the crisis.