Australian property: A bubble bigger than US pre-2008?

It’s hard to sustain a state of amazement. Eventually, even the most perplexing, confounding things become normalised.Take Sydney house prices, for example. I’ve been in a state of incredulity about them for more than 15 years now. Having grandly proclaimed to anyone foolish enough to listen that they ‘simply weren’t sustainable’, eventually I wised up and shut up.Fortunately, there are still people nurturing the flame. Economist Steve Keen is one, Bloomberg View’s William Pesek another. Today he wrote an incendiary story for anyone leveraged into Australian property which, given how our tax laws almost mandate useless speculation, is almost everyone with a job and a...

It’s hard to sustain a state of amazement. Eventually, even the most perplexing, confounding things become normalised.

Take Sydney house prices, for example. I’ve been in a state of incredulity about them for more than 15 years now. Having grandly proclaimed to anyone foolish enough to listen that they ‘simply weren’t sustainable’, eventually I wised up and shut up.

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