If you want a good indication of where property prices are headed, look at the past. They have doubled every ten years, even sooner in many cases, for as far back as the eye can see.
Still some people are slow learners
Here's some one that springs to mind:
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Economics professor Steve Keen will walk more than 200km from Canberra to the top of Mt Kosciuszko for losing a bet that house prices would fall 40 per cent.
An academic will walk more than 200km from Canberra to the top of Australia's highest mountain for losing a bet that house prices would dive by 40 per cent.
University of Western Sydney associate professor of economics Steve Keen agreed to an "ambush" bet with Macquarie Group interest rate strategist Rory Robertson in November 2008 as the global financial crisis was at its worst.
Back then, he promised to wear a shirt saying: "I was hopelessly wrong on home prices! Ask me how."
Dr Keen predicted Australian house prices would plummet by 40 per cent from their peak.
To the relief of home owners, Australian house prices bottomed out by 5.5 per cent from their peak in late 2008.
