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2002 Nobel Prize winning economist and expert in bubbles, Professor Vernon Smith, believes Sydney and Melbourne housing is a bubble, saying the following via The AFR:
“It is amazing how people get carried away in the bubble… Then all of a sudden it’s over and they are petrified”…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.