A professor has to climb Oz’s highest mountain because he bet Oz residential property prices would fall 40%: it went up 20%. Could have worse. He could have sold his hse. Economists are divided whether Oz residential property is a bubble
He was one of those that called the credit crisis of 2008 about right, like Robert Schiller. So he is no nutter.
With escalating prices in a recession and prices expected to fly because economic recovery is strong, S’poreans should remember what he said, When people can no longer handle the debt, or when the debt stops growing, prices will come down, and we will face the same deleveraging crisis as in America.
