When you talk about shorting the housing market are talking about shorting the debt or the house prices?
If your talking about shorting the house prices, the next question is, where do you think the house price's in Australia are to high? The doomsayers have been talking up a collapse in the Aussie housing market for years and the demand keeps growing! As long as there is demand especially from overseas buyers, IMO there is no problem there!
But if you really feel the housing market is going to collapse, my advice would be to start shorting the banks who hold all the debt. Very uncomplicated!
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