Uncomfortable Conversations with Josh Szeps "There IS no Housing Crisis, Akshually ☝️" with economist Cameron Murray
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Oct 13, 2025 Cameron Murray, an economist and commentator with real estate development experience, challenges the notion that Australia is facing a housing crisis. He argues many are comfortably paying for homes, despite the narrative around unaffordable prices. They discuss how interest rates and COVID stimulus have impacted the housing market, the historical context of housing complaints, and the complexities of financialization and policy. Interwoven are debates on migration’s effects, housing as an investment, and potential solutions for those in need of affordable homes.
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Interest Rates Explain Price-Rent Divergence
- Housing prices can rise while rents stay flat because lower interest rates reduce yields and raise asset prices.
- Real affordability depends on repayments relative to income, not nominal house prices.
COVID Interest Shock Fueled Buying Boom
- Low mortgage rates during COVID made buying much cheaper relative to renting and drove a housing boom.
- People refinance or lock low rates, which sustains higher prices even when rates later rise.
Housing Booms Are Cyclical And Structural
- Long-term house price increases often reflect macro regimes of falling interest rates and shifting asset returns.
- Housing cycles and distributional effects are historically recurring, not unique to today.
