Very well stated. Australia was largely spared the European and...

Very well stated. Australia was largely spared the European and US property crash. But Australia is not immune. In the GFC the banks panicked and Australians do not comprehend that credit in Europe and especially the US, especially related to property of any kind-stopped literally overnight. With grossly overpriced oversupply. Australian banks are hugely profitable, frankly pedestrian & provincial and hopefully less prone to panic.
But with some of the very highest residential property prices in the world (partially propped by foreign investors), a slowing economy heavily reliant on an unpredictable China and ridiculously leveraged domestic buyers riding an unsustainable taxation game (neg gearing), let's hope the property market cools without banks stuffing it up through calls.