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The problem as I see it now is, we have such low interest rates. If house prices try to take off, then the reserve bank is going to move to lift interest rates which will cap growth. Some might say the reserve will keep rates low for other parts of the economy, but I can't see house prices...

I assume you mean $4M in assets (so $1M equity). Cause if its $4M in equity with that debt level he shouldn't have much to worry about. Which is a good point, the headline unemployment rate can stay the same. But if there's an underlying transition from full time > part time / casual, that...