The GFC was a full-blown credit crisis. This isn't. The Covid...

The GFC was a full-blown credit crisis. This isn't. The Covid induced economic contraction was offset by massive monetary and fiscal stimulus. The second half of the property cycle upswing is just starting. AVJ is trading at a 43% discount to NTA, which has to be considered conservative. Mortgage rates are under 2%. Banks are lending again, encouraged by the government and their agencies. There are significant taxpayer-funded incentives to buy a new home and people are taking advantage, as reflected by lending stats. Infrastructure spending is off the charts and supportive of property prices. There's no doubt AVJ has underperformed in recent years, but they should release a strong update later in the month and I expect a string of highly profitable years as property markets in Australia and NZ boom.