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4min chapter
The Housing Supply Myth - Cameron Murray & Ian Mulheirn
The Joe Walker Podcast
The Present Value Relationship and the Economy
People think of housing as a good, just like going and buying a can of baked beans. But it's an investment that yields a stream of services over time. And so when capital gains are rising, regardless of the level of interest rate, you will actually pay a premium for that right to get that additional capital growth in the future. So I think you do get these bubbles and feedbacks. In Australia, we had the Royal Commission into banking a few years ago and prices fell 20% in Sydney. Because we constrained the ability of new buyers to capitalize and borrow and leverage up into that cycle that was going on.
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