Insider had to have a chuckle while recently listening to Westpac chief economist Bill Evans outline his opinion on why there is unlikely to be a house price crash in Australia.
Evans - and many other high level executives –regularly have to defend their position and the Aussie housing market at gatherings of international bankers and economists overseas.
After all, on paper, Australian housing looks overvalued, and such international pundits may feel they’ve gained some wisdom having missed their own housing crash the first time.
But Evans – who is in the business of scrutinising the fundamentals of the housing market on a daily basis – can rattle off an impressive blow-by-blow defence of housing values.
And so he did. The usual points came up – population growth, demand vs supply – and Insider, along with the Australian industry audience, were a friendly audience.
However, Evans has the sense of humour to drop a final joke at his own expense. He noted that he was lucky to actually believe in the case for Australian housing’s resilience – after all, he admitted that should he think otherwise while working at a bank with much of its assets tied up in the housing market, it may be quite a career-limiting move.
Insider hopes for his sake that Evans continues to find a rosy picture for Australian housing.