Macro Insights Weekly - High rates and property prices

From Australia to India to Singapore to the US, the much-fearred property market adjustment under the weight of some of the highest rates seen in decades has not materialised. What gives?
In many industrial economies, deleveraging since the GFC has made debt service more manageable.
Strong jobs and wage growth have underpinned affordability and confidence.
Tight housing supply, immigration, and equity market rally have helped property demand as well.
Some economies have property sector stress, especially China, Hong Kong, and South Korea.
But for most markets, favourable dynamics appear here to stay for a while.