Australia's rent surge is making property investment easier while pricing out first-time buyers. The speaker expects a major shift in the housing market beyond the usual slowdown, and says the government needs to step in.
Australia has quite strong holdings in terms of their savings and Australians will do everything they possibly can to hold onto their real estate. So to have that roof over their head because it is that essential commodity that everybody needs. At the same time, we're seeing a huge push up in rents. And so it's making it easier for investors to be able to hold some real estate. Not so much as easier for people to be able to have a roof over their heads and there's a problem associated with that. And the government needs to step in and start doing something really tangible to be able to fix that. So I think we're going to have a— when I say subdued, we're still going to see growth, but not as much as last year. But I think we're gearing up for something much, much bigger.
