Craig

I just want to come back to Sydney, though, because you were telling me off air, looking at something like $50 million for your clients, a $50 million property, you're struggling.

Nothing on the market to find.

And we're going to talk about the Asian demographics because, Monica, this is something that you've noticed is changing.

And it's weird that 2030 is only a few years away.

What are we going to be talking about?

I wonder in 2030, where will we be?

Who will we be with?

It's an interesting thought because it is starting to loom large but what was happening back in the 1970s in Australian real estate?

In fact after strong growth through the 1950s and 60s Australia's housing boom in the 70s started to cool off.

Rising inflation and tighter credit conditions slowed price growth, particularly in Sydney and Melbourne, where affordability pressures were already emerging.

If you have a look between 1973 and 1975, there was a property slump.

The global oil crisis and economic downturn triggered one of Australia's first modern property slowdowns.

Interest rates climbed.

See, didn't just happen to you.

Unemployment rose and speculative development projects came to a grinding halt.

Apartment oversupply in inner city Sydney became a talking point with some investors caught overexposed.

That was back in 1974 with those apartments in Sydney.

We're still talking about them today.

And then, of course, we had the election of Gough Whitlam in 1972, which did see a stronger federal role in urban planning and funding flowed into infrastructure, sewerage programs and growth corridors, boosting land values in emerging suburban areas.

real estate areas.