I agree 100% re the housing bubble in Oz ....in and around my part of Melb - the number of spec build apartments is amazing and bizzare .....I have counted > 50 multi level developments within 2km's of my place ......perhaps Australia is going to get into the import / export of people ....at least they might have somewhere to live !
Sadly - its about the only thing holding up "the numbers" in Oz at present .....
rgds
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