Alice Stolz

So it's just mind boggling.

I don't know what you were doing at 26, Craig, but I certainly was not anywhere near buying

an $80 million plus house in Melbourne's most affluent suburb.

So look, good on Ed.

And he also apparently purchased one around the corner in March this year for around $40 million also.

So he's clearly going to be making some serious investments in construction and building in the years ahead, taking on a project like this.

It's a remarkable sale and it's a sort of a once in a lifetime opportunity for him, which is obviously why he's paid such a huge amount of money for that property.

Yeah, and you can see how property is the real sort of jewel in the crown or sort of the people marking their territory, aren't they?

Because this is another example of someone building an incredible house in that area and really kind of lifting the value of what's possible and what will eventually transact in that market.

But there's a lot of young people with a lot of very good taste.

And who are really enjoying playing the property market a bit like it's a monopoly board, I suppose, and really creating quite exceptional and unheard of prices for property.

It's a really challenging thing.

And that's why often we talk a lot about, you know, do first home buyers have it tougher than what people did a couple of generations ago?

And they undoubtedly do, because with wages growth being so stagnant, inflation being so high and property prices, you know, in some areas of Melbourne and Sydney in particular, rising over 34% over the past couple of years.

They're extraordinary figures and we've gone through extraordinary growth in a very short space of time.

So it's a really challenging time.

And I think you've got these poor renters at the moment who have got with landlords passing on rent increases to them left, right and centre.

The solution in my mind is obviously supply and also governments to intervene further and really look at sort of overhauling taxes around property, stamp duty, negative gearing, things that...

Not many owners want to think about, but I think we have a responsibility for the next generations to think we've got to do better than this, because if we don't, we're just kicking the can down the road further.

Look, that's exactly right.