The housing minister says property prices shouldn't fall. This is what experts say

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The housing minister says property prices shouldn't fall. This is what experts say
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Last month, Housing Minister Clare O'Neil told triple j that the government wasn't trying to bring down house prices. The interview found a new life online this week, so we asked the experts what they think.

Last month, Housing Minister Clare O'Neil told triple j the government was not trying to bring down house prices .Economists have argued house prices should stand still, or perhaps even gradually fall, after the housing minister insisted the government wants prices to "sustainably" grow.

But he said there would be some benefit to prices standing still — or a gradual decline over the next decade."In fact, I'd struggle to think of anything that could be more beneficial, from the standpoint of improving housing affordability and home ownership, than a modest but extended decline in house prices relative to incomes," he said.

"Property has got to a situation in Australia where it's moved beyond prices that mean that it's accessible as a fundamental basic human right," Mr Smith said."Unfortunately, that's pushed prices up beyond where they reasonably should be when you think about prices relative to incomes."Mr Smith said the housing system was "clearly unfair" because it had benefited older generations while younger people were continuing to struggle.

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