The big impact on real estate in Aus was largely started at the top end of town. Forced selling thanks to margin loans and the impact of having to draw down debt quickly / deleveraging of financial instruments.
GFC had an effect but not nearly as it hammered the ASX. NAB for example went down to about $14 - wonder how you would have fared with all your dough there, esp with margin loans - would have been disastrous - additionally govt had to step in with guarantees to prevent a run on the banks.
Can't believe you are making the comments you are in view of what happened less than a decade ago. All homeowners were under very minimal risk in comparison. Think you have shot yourself in the foot in trying to win an argument. Poor judgment imo plus better to be diversified as history often shows.
