Housing boom a big game of musical chairs: In his characteristic patronising style (I'm-an-economist-and-I'll-dumb-it-down-for-you-punters) Ross Gittins lectures us that lower interest rates mean higher land prices. Sorry, he says homes. If he were to discuss the 'all-devouring rent thesis' (that all surpluses are absorbed by higher rents and land prices) he might be performing a service. But at least he does indicate that the land boom is a zero-sum game.

Housing boom a big game of musical chairs: In his characteristic patronising style (I'm-an-economist-and-I'll-dumb-it-down-for-you-punters) Ross Gittins lectures us that lower interest rates mean higher land prices. Sorry, he says homes. If he were to discuss the 'all-devouring rent thesis' (that all surpluses are absorbed by higher rents and land prices) he might be performing a service. But at least he does indicate that the land boom is a zero-sum game.