I think you have to consider that John Symonds and his brokerage chain has a vested interest in the brokerage from property turnover … so I think rather than see the market languish slowly lower over the next few years, he wants to hasten it, so that the market recovers and more sales are made again.
Isn’t his core business Aussie Home Loans?
From a real estate/economics layman, what I garnished from the interview was the concern for the overcommitters who now have ‘negative’ equity. That, combined with rising interest rates reeks of bad news to the banks who will run the risk of losing their cash. More his concern I’d imagine?
