"compare what $1,000,000 will buy you here in Australia in a NICE suburb, with an equivalent suburb in Houston or Dallas"
Jovanco, no one is stopping you from living in Housto or Dallas if you want to. Oh yes, that's right. Of course you need a job to pay the mortgage first and with unofficial unemployment at close to 20% there aint many of them around in Houston or Dallas right now.....kinda the reason why prices are so cheap in US right now. Silly argument. You cant compare one property market with another unless you also compare the economic conditions aswell.
BTW same reasoning behind why Perth property got so high a few years back....all the jobs were in WA and you could dictate your own salary....money everywhere. Now we are seeing the effects of that blow through the market together with all the other factors that make Perth a punters paradise :).....43% down in some suburbs doesnt surprise frankly, but they're big boys over there, used to a speccy market, so I wouldnt get too upset :)
