Steve Keen has debunked the belief Chinese demand for our resources is driving the housing market here. The revival in the aussie housing market from early '09 was based in the eastern states that don't have a high reliance on the resources sector. It was all stimulus driven. So, don't count on the housing market collapsing/bursting because of a moderation in economic growth in China. No, the fortunes of aussie housing is dependant on the price of credit, and that's going up. And shall do so for years to come. Just ask the CEO's of our banks.
