So Australia's gloomiest economist is about to trek to Mount Kosciuszko because he lost a bet about house prices.
Associate professor Steve Knight of the University of Western Sydney made a bet with another economist, Macquarie's Rory Robertson, that house prices would fall 40 per ent from their peak to whenever the trough might be, which he thought would be 10 to 15 years away.
That turned out to be only 10 to 15 months away and it was nothing like 40 per cent. Try an average of 6 per cent.
Publication: The Sun Herald Date: February 21, 2010 Author: David Potts
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