Lindsey David’s call that Australian housing will crash by 2017 has prompted a strange defence by NAB chief economist, Alan Oster, who argues that there is no “bubble” because of an imbalance in supply and demand, but then perversely claims that values could fall by 30% in the event that unemployment rose to 8%. From News.com.au:
NAB chief economist Alan Oster, however, says there’s no housing bubble — and he’s been saying it for years. “They’ve been wrong for 10 years. You need to be very careful when you just say it happened in America therefore it’s going to happen here,” he said.
