According the news recently regarding the house prices in Australia, Dr Steve Keen professor of economics and finance at the University of Western Sydney has been in his walk of shame after losing in a bet over the homes for sale and property prices.
Part of his consequences is to walk on his 225-kilometre trek to Mount Kosciuszko, joining him over the way of nine days with a group of fellow travellers, comes as Keen honours his part of the bet he notoriously lost about the path of Australian house prices. He bet thinking that he is right regarding the new track of the houses for sale in Australia, but unfortunately he lose. He will also wear a t-shirt saying ”I was hopelessly wrong on house prices – ask me how”.
Dr Keen has place over those words over a chart while debating and comparing the decreased on houses prices in Japan and the US over the past 23 years with Australia’s which stay on elevated. Both Japan and the US have seen their real estate fell to that moment.
“To me the irony is I’m marching uphill and house prices will start marching down because as you’ve seen in the lending figures the trend seems to be very strong,” he says.
Source: The Sydney Herald News
