Brickworks managing director Lindsay Partridge thinks that Sydney’s property boom may have already run its course, with very little room for an upside.

But in spite of this, Australia’s largest brick supplier believes that this would not produce any major declines for Sydney property prices, thereby dismissing rumours of an upcoming housing market crash.

“I don’t think there’s any risk of a fall,” Partridge said in an interview with the Australian Financial Review. “The banks will tell you that most punters are 18 months or two years ahead in their payments. People will just hang and wait for the next cycle.”

But if there was one thing to blame for the risks that the property market is facing, it would have to be the tighter lending rules for foreign property buyers.

“They may have overstepped the mark there,” said Partridge.

According to Partridge, apartment construction activity in the year spanning from 2015 to 2016 has more than doubled the long-term average.  NSW, in particular, had the highest level of apartment building in the territory as it tried to catch up with demand.