US, NZ and Australian property will follow the same deflationary trend Japan did for the same reason - any bubble fueled by leveraged speculation inevitably leads to debt deflation. A little air came out of the housing bubble in the US, and even less so here and in NZ, during the GFC but that was merely a market-fart compared to the deflationary collapse looming. And, unfortunately, no amount of cheap money and liquidity by central bankers can prevent it from happening (the BoJ being the recent historic precedent).
