booz i know you still haven't come to terms with the facts but the market by every historical measure was in a bubble, most western countries had housing bubbles. australias was one of the worst. that bubble is busting, prices are falling and will continue to fall.
as for the housing shortage, there isn't one, there never has been. hundreds of thousands of places for sale right around the country and increasing by the week.
a shortage would mean waiting lists just to buy a house or a lotto system to win the right to buy. only the uneducated fell for the shortage myth
good luck, we'll keep in touch when the next lot of quarterly data is released showing even bigger falls than last quarter
