“If you subtract the timing of the cycle then in principal if the tax advantages of property are relative to super, then you should see money move over time,” said Mr Hawtrey.

Mr Hawtrey said he believes that discretionary superannuation over and above the mandatory is on the decline.

“There is a lot more uncertainty because of policy changes to the super system, so people are becoming a bit more hesitant about putting money into super because politicians are tampering with it,” he said.

“That might make the money that would’ve been going to super go to property more than anything else.”