is there a property bubble in australia?

This is a pretty balanced article on Australian property prices. The things to take away from the article include the real risks that we are in fact in a bubble and not to expect a repeat of recent apreciation in house prices.

My personal feelings are that even if we are in a bubble it will require high unemployment to trigger it, which looks unlikley in the near future.

http://www.moneymanagement.com.au/analysis/investment-management/2012/is-there-a-property-bubble-in-australia