The Money Puzzle Why house prices will keep going higher... even without further rate cuts
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Nov 4, 2025 This week, Max Shifman, CEO of Intrapac Property Group, dives into the housing market dynamics redefining property prices. He emphasizes that the core issue isn't interest rates but a significant supply shortage. Max explains why the ambitious national housing targets are unlikely to be met and discusses the challenges of apartment construction costs. The conversation highlights the future of investment in one-bedroom units, the impact of transport infrastructure on market prices, and how ongoing tight rental markets will persist amid population growth.
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National Home Targets Won't Be Met
- The federal target for new homes (1.2 million) is unrealistic given approvals and delivery data.
- Max Shifman says industry trends show we will miss those targets and new supply is falling behind.
Apartments Are Surprisingly Costly Here
- Building apartments in Australia is unusually expensive due to materials, regulation and labour costs.
- Shifman argues apartments can be costlier to deliver here than standalone houses in many cases.
Infrastructure Drives Up Construction Costs
- Large public infrastructure projects have pushed up construction wages and pulled skilled labour from private housing.
- This labour pull inflates apartment delivery costs and reduces feasibility for many projects.