The general shape of the RE price curve over time reflects a...

The general shape of the RE price curve over time reflects a bubble. I think therein lies the problem. However, other typical signs of a bubble don't appear to exist. The price is set by demand alone, not cheap credit. Supply is really constrained and that trend looks to continue as China restricts exports and actually requires more of the stuff for their own interests.

The main thing I can see hurting RE is a fall in demand caused by another global economic crisis. I full expect this to materialize in the near future but I'm not sure of the timing.

The supply constrain would then work against us as the price would quickly fall. However, prices were incomparably low during the GFC and didn't fall in 2008. They fell in 2009, however, before commencing their epic climb later into 2010. So perhaps that could be a good thing. Another good thing for us is that any economic crisis would cause the $AUD to plummet leading to higher $AUD revenues and according to my question in the conference call, lower costs (although I'm not sure how exaclty).