But that is precisely the approach that will cause problems. You cannot cherry pick and remove data to suit a narrative (this is what Fairfax and RealEstate.com are doing in particular), it is a false pretext on which to form decisions. If rural families struggle in arrears, which the data is strongly showing, and require support from the government then you will see a direct impact on mineral and agricultural industries which are our GDP bread and butter.
It is critical that affordable housing be sustained now more than ever and with wage growth and unemployment as key issues. Continuing to treat real estate right now as a speculative asset for the rich to benefit off is denying housing as a core requirement of society - a vision I think you yourself want to see as you are opposed to people living in owner/occupied houses rather than renting.
The bubble has burst, that's fine, it had a stupidly good run thanks to China and a mining boom, but now all effort should and must be redirected to ensure housing prices stabilise for 5 to 10 years at current prices (avoiding a true crash as well) while public infrastructure spending is increased to drive more tax receipts back into the economy.
Heaven help us if some idiot decides to raise immigration caps again to pump property prices further. Our existing infrastructure clearly can't cope with the current rate of economic incomers that have not contributed yet to the tax base on which public works are funded. You will see a new level of societal upheaval and undoubtedly more government borrowing, which would be sad to see when you consider the number of hospitals and schools that could be built instead of the cost of servicing interest on our national debt ...
