kincella, The chart in that link is in logarithmic scale which distorts the chart from a exponential (bubble type) to a nice linear (controlled growth). It also does not state whether it has been adjusted for inflation.
The fact that they are trying to correlate recession and steady house prices is worrying. This is no ordinary recession, it is being caused by asset deflation, so to say that houses will not be affected is flawed.
On your second post, I think you will find AUS follows US. US top was in June 2006 and AUS in May 2008. If the concept that share market indices lead the real market by roughly 12 months which can be seen in the US and Japanese markets then we should see declines in house prices for the rest of 2009, perhaps for a few years.
