Mike Shedlock had another article on the Australian Housing bubble online
Shades of 2006: That's What Australia Housing Bubble Looks Like From US Perspective
The Australia housing market did not bust when it should of and the delay is going to be painful. The bigger the bubble, the bigger the crash, and the Australia bubble is bigger than we saw in the US.
On a timeline basis, Australia is about where the US was in 2006, essentially a state of denial.
Developers are offering massive incentives such as cars, furniture, and vacations to move homes while chanting the ever-popular "now is a great time to buy a house" mantra.
Similar to the US condo bust in which bidders vanished overnight, The Age notes Empty auctions: 'op shop' listings
Full article http://globaleconomicanalysis.blogspot.com.au/2012/07/shades-of-2006-thats-what-australia.html
