CONTROVERSIAL economist Steve Keen has refused to back down from his doomsday prediction that house prices in Australia will almost halve over a decade despite growing evidence to the contrary.
Nine months after his dire prediction that property prices will fall by 40 per cent over 10 years, fellow economists have pronounced Professor Keen – who was held up as one of the few commentators to see the global economic downturn coming – “spectacularly wrong” on his outlook for the housing market.
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Professor Keen, an associate professor of economics and finance at the University of Western Sydney, was so convinced the bottom would fall out of the housing market that he sold his two-bedroom apartment in the inner-city Sydney suburb of Surry Hills in October last year to avoid financial pain from the predicted downturn.