I would expect the outer suburbs to have the biggest hits. A recent report shows Southbank has 22% of it's apartments empty (Probably owned by Chinese). During a crash, these empty dwellings come back on the market.
There will be consolidation as more people cram dwellings. I would expect to see the number of occupants per dwelling start to trend back up after a decade of falls.
As people want to live closer to the city, I would suggest the outer suburbs will contain the houses no one wants. If there is no buyer, they are the ones that will be hit the most. I think in the United States, the banks came in a bulldozed those - they were unsellable. Remember the US had a housing shortage as well - a shortage of dwellings as "trading stock".
