When the morphine runs out …
Is President Trump really the biggest risk faced by the real estate market? No. Well, what about the rise of populism and the tilt toward protectionism? No, again. Well, it must be Brexit then. That must be the biggest risk confronting the market. No, not by a very long shot.
For sure, all have given rise to loud headlines, lots of fireworks and each has fuelled the opportunity to engage in the inadvisable and dubious art of group-think. However, none of the above come anywhere near to being the biggest risk faced by real estate. They are simply not in the same league when compared with the rather more ticklish subject that we now have an entire generation of young bucks earning a living in the real estate market who think that ultra-low interest rates are the way of the world. The default position.
After all, we have all enjoyed a period during which interest rates have remained lower than anyone burdened by a long memory can hope to remember. But the key word in the se