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Falling house prices actually a positive for the market

The CEO of a major Australian construction company says a decrease in housing prices could lead to a stronger market. 

As property prices continue to fall across the country, some have warned the economy could be negatively impacted.

But Boral CEO Mike Kane tells Ross Greenwood, “all the doom and gloom around the housing market is a bit overcooked.”

“The price of housing has escalated well beyond the normal standard and we’ve seen a retrenchment of the price in housing.

“I actually think that makes housing more affordable and can sustain a longer housing market.

“We’re putting it beyond the reach of the middle class to break into that market.”

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