to all contributors, having followed Leith (unconventional economist) for some time, & involvment with property in Aus for 30 years, and european RE price bubles over the last 10 years... the replies made are all relevant...
add..see the latest articles on & displaying the culprits that are land cost spirals driven largely by regulatory costs & propty developer pooling-realeasing practices of land in comparision to Texas in the US , and
I think we are geting a view of the Aus bubble burst-
I absolutely agree that an unemplyment spike and-or a China glitch are NOT a pre-requisite to a bubble prick, these would i think exagerate the time in & severity of the plunge.
Surely, land release & methods for Aus Must get the attention it deserves as a pricing reducing cushion IMO
