I didn’t catch the intro to this so not sure which genius Pat it was (but I have my suspicions)
The discussion was House Prices and Hooky asked him about the >200k vacant properties. Pat dismissed them based on the sound reasoning that since they haven’t been on the market before why would they come to the market now?
Some of it was good and it almost convinced me when he started talking about 4 consecutive negative months in 2001 followed by the surge until now and then he slipped in …but of course there was the stamp duty change then and interest rates were going the other way.
I’ve also pointed out before that a lot of these empty houses are ending up being transferred to the owners children, further weakening demand. This is a slow process but could continue to dampen demand for many years to come.