Well given interest rates are near zero and the whole housing...

Well given interest rates are near zero and the whole housing market is a giant Ponzi scheme they're probably right to be shorting on fundamentals but where they come unstuck is underestimating the government's commitment to keeping the whole debacle going even if it bankrupts the country. When government policy is to keep the "greater fool" theory going beyond zero interest rates and the Feds owe almost A$1Trillion then normal rules cease to apply.

Heck, we could keep going like this for at least another 10-15 years and CBA could easily make it to $150 or even $200 in that period (and any shorts will be burnt to a cinder) before it all turns to crap.

But as sure as night follows day, when government just keeps borrowing to give to their mates and interest rates have nowhere further to go.....

At some point it will most definitely all turn to crap. Argentina Peso here we come. If we didn't have $1T in Superannuation with large amounts invested in offshore assets we'd already be there.