Soaring house prices due to 'flooding the market with money'

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Business columnist with The Australian Robert Gottliebsen says the rise in house prices is due to low interest rates and restrictions on credit being lifted due to the pandemic.

“You flood any market with that money and have the money cheap, then you’re going to get a rise in the price of the commodity,” he told Sky News host Chris Kenny.

Mr Gottliebsen said the extremely low interest rates and removed borrowing criteria is good for first homebuyers wanting to enter the market.

“One of the major buyers are first home buyers, they have come back into the marketplace after a long absence.”
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