The rate rises we had to have: REA chief says property was too hot

Max Mason and Mark Di Stefano

Aug 9, 2022 – 4.04pm

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REA Group chief executive Owen Wilson said the surging price of Australian property was unsustainable and the rising interest rate climate, which has some forecasting significant house price falls, will actually work in the property platform’s favour.

Mr Wilson said property listings were strong at the News Corp-majority owned REA, despite the Reserve Bank of Australia moving aggressively to battle inflation by lifting the official cash rate for four consecutive months, including three months straight of 0.5 per cent jumps to 1.85 per cent.

Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason

Mark Di Stefano is Rear Window columnist, based in the Sydney newsroom. He previously worked at BuzzFeed, the Financial Times and The Information before joining the Financial Review as a media and tech correspondent.