Tony Locantro, stock market commentator and investment manager at Alto Capital, speaks to Proactive Investors about Australia's troubled housing market, reflecting on house prices and trends in earlier decades.
"This generation has really lucked out and it's the baby boomers that bought, say pre-95, that have had a lotto-style win from sitting on their backsides," says Locantro.
He continues, "People believe we're in this new paradigm of permanently high prices and someone said that before the 1929 crash.
"I think Australia is going to deleverage - we have our debt relative to income at only 190%, that is probably the highest debt level on the planet, and all we're doing is buying rubbish items to impress people we don't like."
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