PHOTO: When the prices on your street get crazy, foreign factors are not the only reason of course. Picture: Toby Zerna Source: News Corp Australia

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.