Business Today interview on house prices

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Busi­ness Today will broad­cast an 11-minute inter­view by Whit­ney Fitzsim­mons about house prices with myself and Chris Joye of Ris­mark at 9.30am this Fri­day Feb­ru­ary 11 at 9.30am.

Though we dif­fered on many points–especially the industry-standard propo­si­tion that pop­u­la­tion pres­sure was the main dri­ver of house prices–there was more com­mon ground than I had expected, which is why I’m describ­ing it as a dis­cus­sion rather than a debate.

If you’d like to watch the inter­view and you’re not in Aus­tralia, Busi­ness Today is an ABC Aus­tralia Net­work pro­gram and it’s web-accessible as well as being broad­cast on a mul­ti­tude of chan­nels in Asia.

About Steve Keen

I am a professional economist and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous debts accumulated in Australia, and our very low rate of inflation.
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5 Responses to Business Today interview on house prices

  1. Pingback: Tweets that mention Business Today interview on house prices | Steve Keen's Debtwatch -- Topsy.com

  2. DrBob127 says:

    Was read­ing a news story about a new green pub­lic hous­ing project when I hear about the “National Hous­ing Sup­ply Coun­cil” so after qa bit of googling I came up with some data (sourced from the REIA though) on rental vacancy rates (up until 2009).

    What does this show?

    http://www.fahcsia.gov.au/about/publicationsarticles/research/researchnews/researchnewsissue36/Pages/national_housing_supply_council.aspx

  3. Peak Debt says:

    Excel­lent, can’t wait to see that. I hope you pounded Chris Joye! Chris talks a good spruik but stum­bles when you force him on the issue and show him the facts about the bub­ble, then he resorts to all sorts of dodgy jus­ti­fi­ca­tion using ‘imputed rent’ and super­an­nu­a­tion to inflate incomes to make the most expen­sive hous­ing in the world seem afford­able! Inter­est­ing you men­tion pop­u­la­tion, it looks like the so called ‘short­age’ has just dis­ap­peared accord­ing to renowned spruik­ers Residex. Now they’ve been forced to admit there is a nation­wide glut (see below)!

    Residex admit the ‘short­age’ was a furphy

    Just few months ago there was ‘gen­eral short­age of sup­ply’ accord­ing to Residex, and now we have over­sup­ply of 22,000 homes! What a howler.

    Peak Debt

    Aussie Prop­erty Bub­ble Portal

  4. David Colquitt says:

    Great arti­cle Steve. My son and his wife are think­ing of enter­ing the home mar­ket as first home buy­ers. I sent him the link to try and make him think.
    On another cur­rent mat­ter: We are told that the nat­ural dis­as­ters will likely add to future GDP growth. On this basis we should wish for reg­u­lar dis­as­ters to make the econ­omy go gang busters. The one thing com­men­ta­tors seem to miss is that nat­ural dis­as­ters destroy accu­mu­lated wealth. I believe that the GDP should be dis­counted for destroyed wealth and only used as a mea­sure of growth once the destroyed wealth has been accounted for. Your thoughts please.

  5. Steve Keen says:

    Agreed! The dis­cus­sions about destruc­tion and growth are weird. There’s cre­ative destruc­tion Schum­peter style, and then there’s cat­a­stro­phe Queens­land style.

    There is one pos­i­tive though–what Marx called “the dead hand of the past” is swept away. New build­ing codes that would have been impos­si­ble to retro­fit will be easy to imple­ment now.

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