Right perhaps in part in theory (the low interest rates part) but how much further can low interest rates keep drive everything - remember we are close to zero bound...sure they could go negative...but that is really a crazy crazy situation with investors paying for no risk premia...
The demographic cliff we are staring down kind of blows up the theory of low interest rates driving the world
I think we are standing close to the egde in Aus now...and the next downturn will not be as forgiving as the GFC
We are into deeply uncharted waters here...and I would personally through any of these long term property cycles to the wind...
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