Residential real estate in Sydney and Melbourne inner/middle suburbs is now an investment asset class. Just the same in other key world cities.
And we don't see it changing any time soon.
There will be no house price crash in Sydney's inner suburbs as we've confidently predicted for years - quite the opposite in fact. Watch out for rapid back-tracking from bearish commentators.
Incidentally, I am nowhere near as positive about certain other Australian cities - if interest rates are to be hiked in 2014, personally I would only want to be holding property in Sydney's inner/middle suburbs.
The outlook for Adelaide, Canberra, Hobart and any number of regional markets, for example, appears very far from bright (in my opinion).