stiglitz on house prices in australia, page-12

"I am amazed that people throw dirt on these expert opinions"

yes, it's easier to beleive the nonsense from overseas "experts" than local knowledge, just because they simly agree with your preconceived pricing ideas...therefore they say it, it must be true. I disagree sorry.

lip service doesn't however convince me they are worth listening too.

if you could provide the concise insight and/or research that backs these uninformed claims by these overseas "experts", I will listen and try to respond as best I can.
The last time I happened to challenge a bear on these "claims", they admitted to not being able to point to any actual data or research on the subject.

actually, the last one was Jeremy Grantham...and guess what! an EMPLOYEE of his spouting the same rubbish and i quote Chris Joye here...

"As a final thought, let me address Jeremy Grantham’s spurious claims on the housing market, which have, I suspect, contributed to the hedge fund interest in shorting our banks. First, I cannot locate any GMO research on the Australian housing market. The single statistic Grantham quotes is that Australian house prices are 7.5 times family incomes. This is categorically false, as we and the RBA have demonstrated with independent analysis. The best current estimate is that Australian dwelling values are 4.6 times disposable household incomes.

When I logged on to the GMO website, the only reference to Australian house prices I could find is in a Financial Times article by an employee who goes the name of Edward Chancellor. Mr Chancellor in turn attributes his views to this discredited Demographia work and Associate Professor Steve Keen. Yes, you see what I am saying. This is a classic game of intellectual pass-the-parcel. From Grantham to Chancellor to Steve Keen abetted by Demographia. Need I say more?"


complaining we should just listen to them does nothing for my intelligence or intuition.

they all have an agenda, as do most of the bears on these threads not in the property market.