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.
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Max Mason covers insolvency, courts, financial crime, cybercrime 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 Connect with Max on Twitter. Email Max at max.mason@afr.com
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. Connect with Mark on Twitter. Email Mark at mark.distefano@afr.com
