bubble trouble or not?

http://www.theage.com.au/business/bubble-trouble-for-the-rba-20100203-ncv7.html

interesting read..

"On the other hand, tensions may already be brewing. One BusinessDay reader suggested the relaxation of foreign investment laws in respect of housing was worth investigating. I live in Box Hill North and have been trying to purchase a family home for my wife and 12 month-old daughter. We've attended numerous auctions without success and now I know why. An agent from Fletchers Balwyn office told me that 75 per cent of all their sales last year were to foreigners. This is a staggering figure - just think about it - out of every four auctions - only one was purchased by an Australian. No wonder we've been attending auction after auction without success. The story is the same across Melbourne's eastern suburbs with agents claiming anywhere between 33 per cent and 75 per cent of sales are now to foreign investors - predominantly Chinese.