This paper draws together themes from work at the RBA, other national central banks, the BIS, and elsewhere on recent developments in housing and housing finance. The general conclusion is that financial and macroeconomic developments have increased the demand for the stock of housing. Because the stock supply of housing is inherently sticky, this has increased its relative price. Although this is a global trend, individual country institutions have affected outcomes, sometimes in ways that are not obvious. The resulting expansion on both sides of the balance sheet is an important development for policymakers to monitor, but it is probably not itself a cause of financial instability.