Blackstone’s global head of property, Kathleen McCarthy, opened The Australian Financial Review Property Summit in Sydney with the line that will probably define the sector for the next few years: what you own matters.

Inside the investment giant, which recently hit the magic mark of $US1 trillion ($1.6 trillion) of assets under management, the house view is that inflation is increasingly in the rearview mirror, particularly in the United States. But McCarthy says the firm will take central bankers at their word when they say they will stay the course to squash inflation.