HOUSE prices are increasingly out of local hands — instead they vary at the whim of global forces we can’t control. This is the conclusion of a major new review of the evidence by the International Monetary Fund. It’s not just citizens who find control slipping through our fingers. Governments do too. Global investors and foreign central banks are now a big part of what drives house prices. What happens in New York City, London, Tokyo, Beijing and Shanghai is now changing the prices of homes in Australia. “Increasingly, house prices have become determined at the global level,” the IMF says. Part of the reason is low interest rates around the world, the IMF says. The other reason is more and more foreign money flooding in. That foreign money is not just looking for a home — it wants a return on investment. Read More Here. By, Jason Murphy.