Property Positives - low rates (far lower than historical average, drives up wage:house price ratio), growing populace, good sentiment
negatives - wage growth stunted (rates were cut 50% last year to create that 10% rise), marginal lending conditions allow people to get under water quickly, many took losses during GFC using house as double collateral already.
its no myth that china saved us after the GFC. If they hit tough times we'd definitely see job losses, which would eventually lead to defaults and a housing crash.
I think the market is more resilient than any of the crash predictors think, could last until 2020, maybe more with lowered rates and/or currency devaluation (RBA has plenty of room to move).
