David Taylor

I have no idea how to put a probability on this.

But I can see a scenario playing out where you have unemployment moving up to a level, which causes a correction in the Australian property market.

And the reason why I discount supply is because you cannot pay your mortgage if you don't have a job.

Yes, people have buffers.

Absolutely, people have buffers.

And any data that you get from the Commonwealth Bank, ANZ, Westpac and NAB show that people are well in front of their repayments.

So there's no suggestion of defaults anytime soon.

But that is a finite situation.

If you have an unemployment rate elevated for over six, 12 months, people need to sell their homes.

Again, it's an outside possibility, but it's the first time I have been looking at the property market where I can see something like this eventuating under a worst case scenario.

What do you think?

You can imagine that conversation, can't you?

Wow.

Because people get really emotionally attached to this stuff.

It's literally coming up in the data, though.

That tension is there, which is fascinating.