Steve Keen-where are you now?

[BayView]

I am of the persuasion we are heading for a period as described ^^^^^ once things settle down.

But hey what would I know

Don't sell yerself short.

From my experience, MB's have a pretty good handle on this topic.

 

[BayView]

When were you buying in melb? My friends was trying to sell a house about 1.5-2 years ago and had no success. I think clearance rates were about 50-60% then. There's lots of markets within markets etc so I'm not sure where keen was predicting when he said that, maybe in toorak or karlgoolie.

We owned 2 properties in Kalgoorlie from 2003 until we sold one last year, and still retain one.

Neither place went down in value that I'm aware of since we bought.

Maybe a slowing down for a time, but overall both went up.

 

[redwing]

As I recall there were two bets, one was that prices would be lower in 12 months from the date of bet in 2008, he lost and did the walk. The other was over a period of 10-15 years. What were the particulars of the 5 year bet if any?

Taken from Keens own site over the details within the bet as stated by Rob Burgess?

Debt Deflation Link

Keen must walk to Kosciusko if nom*i*nal house prices fall by less than 20 per cent before Octo*ber 2013.

It's now nearly October 2013

 

[MTR]

When were you buying in melb? My friends was trying to sell a house about 1.5-2 years ago and had no success. I think clearance rates were about 50-60% then. There's lots of markets within markets etc so I'm not sure where keen was predicting when he said that, maybe in toorak or karlgoolie.

Hi o0o

GFC hit around 2007-2008, when I was buying in Melb.
Here is the link, started by Jingo, it was not a couple of isolated areas, it was boom cycle in Melb, as mentioned started with inner city and quickly spread out.
http://somersoft.com/forums/showthread.php?t=34809&highlight=melbourne+booming

Cheers
MTR

 

[MTR]

We owned 2 properties in Kalgoorlie from 2003 until we sold one last year, and still retain one.

Neither place went down in value that I'm aware of since we bought.

Maybe a slowing down for a time, but overall both went up.

Hi BV

I have not looked closely at Kalgoorlie, but I know people who were buying up during this period, as it was cheap and provided cash flow from day 1.

Perth was in the midst of the largest property boom from 2001-2006 riding on the mining boom, then in 2007 everything went pear shaped.

Its been about 18 months now that Perth property market has been flying again, I have seen 25-30% growth within 6 month period, not as crazy as Syd but nonetheless a very good market to be playing in.

Cheers
MTR

 

[tambourineman]

He's a bit too silly for me to bother with.

Try Andrew Bolt.

He rolls out that stat almost every week...loves to give it to Tim Flannery in particular. Remember him? He said the dams would never be full again.

And AB is more than happy for anyone to go on his program and debate it (the temp not rising and other gems)...no one will.

Why is that?

you mean liberal party lick-spittle Andrew Bolt?

 

[MTR]

I have to thank Steve Keen for spreading all the fear about property crashing back in 2008. I bought my first apartment around the same time he was selling his, and my unit has appreciated about 40% since and positively geared.

Thanks Steve Keen......

BTW, good time for him to jump back into certain markets, he just needs to research which one, or read some of the posts on SS

 

[Aaron_C]

Time to come back to Melbourne MTR!

 

[redwing]

I wonder what University of Western Sydney associate professor of economics Steve Keen would be saying now.

If I recall correctly he sold his unit in Surry Hills in inner Sydney on the basis of his belief (in 2008) that property prices would fall by 40%. I hope he is not still teaching economics to (somewhat) impressionable minds.

http://www.perthnow.com.au/business...rices-would-dive/story-e6frg2ru-1225831466302

I was wondering what Steve Keen invests in?

 

[Rixter]

I was wondering what Steve Keen invests in?

Payg income and cash for comments from 60 minutes.

 

[datto]

Steve Keen Property Mogul

I was wondering what Steve Keen invests in?

Apparently real estate . Its the greatest strategy ever. Talk properties down, while at the same time buying up big (just kidding)

 

[Aaron_C]

I was wondering what Steve Keen invests in?

I really find it disingenuous when people without money try to tell people with money what to do.

 

[o0o]

I was wondering what Steve Keen invests in?

I read somewhere it was gold then bitcoins

 

[o0o]

Hi o0o

GFC hit around 2007-2008, when I was buying in Melb.
Here is the link, started by Jingo, it was not a couple of isolated areas, it was boom cycle in Melb, as mentioned started with inner city and quickly spread out.
http://somersoft.com/forums/showthread.php?t=34809&highlight=melbourne+booming

Cheers
MTR

cool bananas I'll have a read

 

[Deltaberry]

Melbourne was booming in 09/10. That's 3 years ago. Your friends missed the boom and tried to sell into a falling market in 2011.

 

[Deltaberry]

I read somewhere it was gold then bitcoins

He would've made a killing on bitcoins. But lose it all back on gold.

 

[Crabnet]

I was wondering what Steve Keen invests in?

If you remember, one thing of concern to Keen personally was the amount of his pay that he had to allocate to his mortgage repayments. He thought it was too much. Then again he did enter the property market later in life.

Another of his points was that the credit boom that sustained the housing boom was unsustainable and had to end at some point.
Also he naively didn't account for the response that authorities initiated to prevent a recession in Australia.

Interesting to learn that at present in Australia credit growth is around 4 to 5 percent which is under the overall current overall rise in house prices.
They say the increased borrowing is coming from investors and with credit growth so low the likelihood of a property bubble forming is pretty low.
Obviously the rise in prices is caused by areas where pent up demand has formed but the supply is low.

Anyhow at the moment I believe is investing in himself at a business level.
Doing consultancy work and speaking, publishing roles.

 

[MTR]

Time to come back to Melbourne MTR!

Settling in November/December on 4 unit development site in Melb

There are some great markets to play in at the moment, many moved 18 months ago.

Cheers
MTR

 

[tambourineman]

I really find it disingenuous when people without money try to tell people with money what to do.

Lol as opposed to the other way around? Wow

 

[hobo-jo]

I really find it disingenuous when people without money try to tell people with money what to do.

Sounds like what many mortgage brokers, real estate agents & property spruikers do for a living. Keen has expressed an opinion, don't see where he told anyone what to do...?