Housing market dangers are "especially acute" in Australia, Hong Kong, Canada and Sweden, Oxford Economics has said, warning this has historically posed a threat to economic activity.

"In all four, valuations are very elevated, there has been a lengthy housing boom, debt levels are high and there is a significant share of floating rate debt," Adam Slater, lead economist at Oxford, said in a research note.

In contrast, risks are relatively limited in markets like the US, Germany, France, China and Japan, according to the note.

Australia is one of the four riskiest property markets, according to Oxford Economics. Credit:Jim Rice JRZ

And across most major economies there has been no significant recent rise in mortgage rates, which have even fallen in some cases.