Disaster looms for property market

An Australian asset manager is liquidating its Australian shares funds and returning “hundreds of millions” of dollars back to its clients, citing an impending property market “calamity” and the “overvalued and dangerous time in this cycle”.

“We think that there is too much risk in this market at the moment, we think it’s crazy,” said Philip Parker, who serves as Altair Asset Management’s chairman and chief investment officer.

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DAVID GRAY/REUTERS

“Australia hasn’t had its GFC event, we’ve been living in this fool’s paradise,” says Altair Asset Management chairman and chief investment officer Philip Parker.