Westpac CEO says he is positive on Australia’s housing market

By Thomson Reuters Mar 25, 2024 | 6:36 PM

SYDNEY (Reuters) – Australia faces housing affordability problems for first-time homeowners but the country’s property market is fundamentally in good shape, the CEO of third-biggest lender Westpac Banking Corp said on Tuesday.

“I’m positive on the housing market,” Peter King told the AFR Banking Summit in Sydney, citing “the fundamentals of ‘we need more houses developed’.”

“When you have a supply-constrained market that means the price will probably go up,” he said.

“From a societal perspective, it’s too expensive,” King added.

(Reporting by Byron Kaye and Stella Qiu; Editing by Christopher Cushing)