Please see my previous descriptions about the housing market being cornered with no way of escape and no fuel (cheap credit, government handouts, first home buyers to generate demand from bottom up) left to sustain the madness.
The biggest killer will be interest rates being wind back to normal levels (let alone tightening settings which we can't even rule out).
As the spruiker article about "a small number" of immigrants pushing up house prices, well the opposite is true. All it takes is a relatively small % but increasing foreclosures % and people defaulting to spook the market into stampede generating into a downward spiral that as we have seen even government (let alone banks which in the US/UK went belly up) can do nothing about.
In Australia, we have the mother of all housing bubbles. The correction (given the volume of players exiting - many are buy-to-let investors who will bolt the moment they see danger - this time round we have so many examples to draw upon, the panic will be electric)
