Anyone recall this from Australia’s number one rent seeker Stockland CEO and head of the (PCA), Mark Steinert, from The AFRlast year:
“At the end of the day, house prices are unlikely to adjust so much that it would really change that affordability equation anyway,” Steinert says. “And if they do, believe me it won’t be a recession. It will be a depression”…
“Housing represents $6.5 trillion of the Australian people’s wealth,” he tells The Australian Financial Review. “It is so big and so many people are involved that even when that order of magnitude of change is obviously small compared to the stock market…its affects people. It becomes the new dinner party conversation. People feel poorer. They buy less in the shops and people employ less and people are less willing to borrow money to start a business and suddenly that goes on. That is how markets work.
