ANZ chairman and former Future Fund boss David Gonski has warned that Australian house prices will eventually fall.
Speaking at the Australian British Chamber of Commerce, Gonski had a message which appeared both a warning to punters chasing house prices higher as well as the Murray Inquiry and APRA that the majors were “very aware of history” when it came to lending for mortgages.
“There will come a time when there will be a correction,” Gonski said, according to the AFRs.
But to drive home the point further and as a warning that the current rate of property price appreciation is not only unsustainable, but likely to reverse, Gonski said:
“The fact is, anyone who believes prices always go up is, I think, a fool.”
It’s a timely warning as we head into spring buying season after solid house price rises over the winter months.
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