IMO, from a net ROI point of view for the locals, Oz property...

IMO, from a net ROI point of view for the locals, Oz property will drift down during 2013, but a foreign investor could make money even in a drift down situation.

To quote Stephan Koukoulas of Business Spectator
During 2012, the Australian dollar spent only about 25 trading days below $US1.0000. And it averaged $US1.0360 for the year, a touch lower than where it is this morning.
A move back to $US1.10 and then to $US1.20 or even $1.25 is predicated on an improving global economic outlook and with that, higher commodity prices.

So a foreign investor could buy an Aussie property using 1.05 AUD's then sell it after two years receiving 1.25 AUD's and get more ROI than any Japanese/USA CD returns. However, for this type of turn, I would use the ASX.