Australia's never built 250,000 homes in a year, the peak was 225,000 under much easier conditions. With higher rates and material costs now, that target is impossible. But when rates fall, property prices will surge again.
Do you know in Australia we have never once built in all of our history 250,000 properties in a single year? Not once ever. The closest we got was about 225,000 before COVID This is before the— this was in a low interest rate environment. This was when cost of materials wasn't so high. This is where we could— we had more construction workers. We like— it was more affordable to be able to do so and all the different factors were in the place. We had a bit more and we still weren't able to do it then. Now where we're sitting right now, Now, zero chance that's ever going to be happening. As we see the interest rates start to drop, it's going to spark confidence back in the marketplace, and I think we're going to go see another pump in the property market. Now, maybe that's not significant next year. As soon as we start to see that, I think we're going to see another big pop in the property market. That's what I think is going to be happening.
