Associate professor Steve Knight of the University of Western Sydney made a bet with another economist,
Macquarie’s Rory Robertson, that house prices would fall 40 per ent from their peak to whenever the trough
might be, which he thought would be 10 to 15 years away.
That turned out to be only 10 to 15 months away and it was nothing like 40 per cent. Try an average of 6 per