It doesn't matter whether I think houses are overpriced. They...

It doesn't matter whether I think houses are overpriced. They probably were 10 years ago by all historical measures, but for anyone waiting on the sidelines since then it has been a disastrous strategy. Remember the Economist article around 2003 predicting a house price meltdown? I don't see a trigger coming for Australia, the moment has passed. Unemployment didn't go up, it went down last year. Credit wasn't crunched in Australia: the banks were happy to see their customers pay record prices.