"In the Global equities are recovering from the economic fallout of the US property crash." Equities crashed primarily due to the herd mentality. Due to bank lending practices many banks become bankrupt, other investors became worried and sold their stocks which would have triggered stop losses driving prices down further then panic set in for others and they dumped again driving prices down further. So the reality is the equity recovery is only because for a large part of the market it was a major over-reaction in the first place.
"Property in the US is not recovering," Banks are still recovering so until normal lending resumes (albeit better regulated in the US) then markets dependant on lending won't recover.
"Property in Australia is a crash waiting to happen." We will see - my bet is still on a small drop then stagnation.
