Source: ausbiz
Date: 6 August 2026
In this interview with ausbiz, Alan Greenstein, CEO & Co-Founder of Zagga, discussed the difference between a market cycle and a crisis, arguing that the current economic environment, particularly in property, was a cycle of adjustment, not a crisis.
Alan explained that key indicators of a crisis, such as systemic risk and a lack of liquidity, were not present. He also highlighted the opportunities within real estate private credit, which arose from traditional banks pulling back due to regulatory pressures, coupled with strong, persistent housing demand. He also touched upon lessons from past events like COVID, the specifics of a developer’s recent trouble, and reiterated the need for a disciplined, selective, and sponsor-focused investment strategy.
"I think the real lesson, if I'm going to give anyone any message out there, is that you can't be complacent.
You've got to look at [the opportunity] on a loan by loan basis and you've got to be selective, consistent, and disciplined across all of those loans.
If you can do that and if you're prepared to back the right asset with the right developer… there's lots of opportunity going forward in the market.
A good jockey can win on a bad horse, but a bad jockey will never win on a good horse."
Alan Greenstein, CEO & Co-Founder
Key points
- The current market is experiencing a manageable cycle, not a crisis, as it lacked the systemic risk, widespread distress, and illiquidity characteristic of a crisis.
- The property market is undergoing an “adjustment” driven by global factors, tax uncertainty, and interest rate-driven cost of living pressures, rather than a collapse.
- Significant opportunities exist in real estate private credit as banks retreated for regulatory reasons, while housing demand and overseas investment remain strong.
- While history offered lessons, it did not repeat exactly; the current environment demands a focus on careful asset selection and discipline.
- The financial trouble of specific developers is not a symptom of a broader market problem.
- Funders and investors need to remain highly disciplined, selective, and consistent, evaluating each loan individually and prioritising the quality of the sponsor.
Watch the full interview below.
