Editorial

Abstract

We can argue that the wish to get more people into home ownership has to a certain extent been granted. As a result for the vast majority of homeowners, there has been an exchange in the freedoms of home ownership with the shackles of debt. With more recent homeowners relative to those half a century ago being burdened by more (and more) debt. What is of more consequence is an exponential rise in house prices and home affordability problems. These trends show limited signs of being reversed anytime soon. What remains to be seen is the impact on serviceability of this debt should interest rates rise from these unprecedented low levels. For now, the housing wealth genie is now out of the bottle.