If Sydney does crash, Steve Keen will probably claim a victory, forgetting to add that he missed out on a doubling of prices in the mean time.
Perth example;
The problem with comparing Sydney to Perth, is that Perth prices were off the back of a mining boom that was never going to last.
Yes you can argue Sydney is off the back of a construction boom that won't last.
However prior to the lastest boom Sydney prices had been flat for the better part of a decade. Lower than Perth at one point (madness).
Added to that was a severe lack of residential construction for more like 2 decades.
You can then add significant population growth which despite the media headline doesn't appear to be changing anytime soon.
And simply that Sydney is a place a lot of people globally would like to live.
Perth and Sydney are completely different markets.
Sydney will drop a bit, flat line for a long time and then head upwards again.
In the case of a local or global major financial event, all bets are off.
