The housing market has been fuelled by easy credit... which is debt... lets not kid ourselves. I am not looking to delve into property at the moment as real wage has been stagnant, real debt has dramatically increased and interest rate is more likely to rise with all those 3 factors pushing house price down. Also in some cases renting a house does not provide similar cash flow as an ETF with the index fund providing better returns, less maintenance & paperwork and is more fluid. In the long run, nothing has changed with the policies the government has put in place in regards to immigration & tax incentives. Also the topography of Australia does make the country one of the most urbanized.
Now on a personal level, I believe it depends how (leverage level), when and where you bought your property and what you have done with it (sub divisions to maximize the land) etc...
