Bet the house on it

An academic started a nine-day trek last week to the top of Australia’s highest mountain, after losing a bet on the housing property crash.

Associate Professor Steve Keen predicted that Australian house prices would fall by 40%, mirroring the crash in the UK and USA. His prediction was challenged by Macquarie Bank interest rate strategist Rory Robertson, and the loser had to climb Mount Kosciuszko.

As Aussie house prices have continued to climb, Keen will be making the climb, wearing a t-shirt printed with the words “I was hopelessly wrong on house prices; ask me how.”

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