Alice Stolz

So I think it's going to impact the

There are many countries in the world who are doing this, and I think Australia for a long time has really just focused on our own personal wealth without actually thinking around how are other generations going to have what many generations have had before them.

Well, I think it's a very easy reaction to have when you hear about interest rates rising of saying, gosh, you wouldn't want to be a seller now.

But we have to remember, if you are a seller, and I'm not talking about people who are selling because of mortgage stress, I'm talking around potentially about a vendor who's owned their house for eight years plus or something and is moving for whatever reason that may be, death, divorce, new job, a lifestyle reason.

they're going to be buying and selling in the same market.

So if they're selling their house tomorrow, they may get 10% less, let's just say in a relatively extreme case, than what they would have got a year ago.

But they're also going to be buying their new house for that probably 10% less as well.

So I think when you're transacting in a similar market, it isn't really as stark and painful a difference in prices as what one might initially imagine.

Well, I suppose that was what I was saying earlier on here, Craig, is that I just think as Australia, part of the Australian dream was created because immigrants in the 50s could move to Australia and buy a quarter acre block and have affordable housing.

Whereas we talked recently around this survey that came out that property in Adelaide was costing more than an apartment in New York City.

And I think, you know, 10 years ago, cities like Tokyo, London, New York, et cetera, had some of the world's most expensive real estate.

And Australia is now in that league.

And I suppose, again, as a nation, is that what we want to be?

Because it's just such a stark turnaround to what we were as a country 50, 60, 70 years ago.

Yeah, I think on that point around having to sort of rein things in a bit, I suppose, and tighten our belts, I suppose when people said, oh, we're so shocked by these interest rates, you know, I mean, the fact that APRA last year went into the banks and said you need to change the servability buffer when you're assessing a home loan and adding another 3% on top of it, I think really...

I know it's easy to see these things in hindsight, but really all indications were there that this was going to happen.

And if people didn't heed that warning, I suppose I think there's a bit of irresponsibility in that on the minds of those buyers who were buying and weren't baking rises into their final figure.

And I feel like there was so much messaging about it, but some people put their head in the sands and said, I didn't know this was going to happen.

And it's like, you really have to be prepared for that.

We're not talking about sort of