Economists are warning Australian homeowners that a drop in global equity markets, especially US tech names like Nvidia, could erase phantom gains in property wealth. Despite surging house prices in 2024-25, some argue this ‘wealth’ inflation isn’t backed by real economic growth. The concern is amplified by China’s shaky property sector and weak productivity. If equity markets suffer further, household balance sheets could come under stress, raising questions about the sustainability of asset-backed consumption.