"Actually hanrahan my position has been consistent since I first started posting on this forum, and that is I see a smaller pullback with price stagnation for the better part of the decade to allow incomes to catch up."
With a prediction like that I would call you a bear. I like that you acknowledge that prices have gone ahead of incomes. Many bulls deny that. I also respect the fact that you are trying to build investment returns based on earnings rather than price speculation. The main problem with the property market is that most investors are negatively geared, price speculators. If they were adopting your approach, prices wouldn't have gone to such ridiculous levels. I think the point where I would disagree with you is the safety of the earnings on your investment. Plus I think large price falls like those in Ireland are possible in Australia(but not inevitable).
