Don't you even worry. The housing market is cornered. Big Kev and Glenn gave the junkie a last hit before letting it go into cardiac arrest.
This is it. No more grants. Government is broke (mega deficit - billions wasted on FHOG, piink bats and school halls), supply of first home buyers exhausted for a couple of years, interest rates going through the roof, household debt is highest in the world and seemingly getting worst as per the retail splurge before X'mas (credit card time bomb).
Too many people (approaching 2 million investment properties) for the wrong reason (negative gearing) are maxed out neck-high in debt to buy investment properties. They will be the first to bolt when first they realize prices aren't rising and then the risk of price falls, then when prices actually fall (they are in disbelief - house prices are supposed to rise 10% a year) and they followed the herd down the abyss.
Couple with massive foreclosure of FHBs and other mortgagees who can no longer afford to service their mortgages given if the RBA lift cash rates to 5%, it's a 67% increase in rates since October, you have one certain outcome.
