It depends. There are high turnover costs for real estate. You cannot sell off a spare room if you need to raise cash. You cannot even reliably rent it with the lack of international students and travellers. Cf. If you get the right stock you are talking many multiples in a short time frame.
Many are reducing debt because even in the ZIRP environment, where debt levels are astronomical, cash is going to be king. I can't see real estate prices holding unless we are so awash in cash we flip into inflationary territory and the RBA just let's it rip. They are already saying that inflation is not their only concern. These are very uncertain times. IMO
