The demand for residential properties has swelled amid the government incentives for homebuyers and record-low interest rates driving up prices and competition among buyers.
Kevin Davis is an emeritus professor of finance from the University of Melbourne. He explains the unprecedented demand for properties despite record-high prices.
“Once house prices start to go up, then people think Oh gee! I’ve gotta get in. FOMO as it’s called- Fear Of Missing Out. And once people start to get that feeling that house prices are going up, and people believe wrongly that once they are going up, they’ll always go up and that they’ve got to get in."
Click on the player at the top of the page to listen to this audio in Punjabi.
