vic govt desperate to prop up land values, page-11

Gindaldan has it right Uboy - the US, Ireland and other housing crash countries all had the house prices fall BEFORE unemployment went up.

It's really quite simple - every bubble in the history of the world has been built on new entrants paying exorbitant prices because of sentiment. The entire Australian housing edifice is built on the weak foundation of sentiment. The tide is already starting to go out and we have already seen sentiment shifting away from people getting indebted for the rest of their life to pay half a mill for a piece of crap in the outer suburbs.

A question for all the bulls out there - where are the next ten years of capital gains going to come from when Aussie house prices are already the highest in the world?