The scenario most likely to play out in Australia IMO is that a housing price crash (major trigger - interest rates, major catalyst - massively overinflated prices, major risk of cascading - degree of participation in property investment among the populace) will lead to serious harm to the banking/finance, retail, hospitality and local manufacturing industries - including motor.
Now, even of prices fall significantly without serious unemployment, the banks could find themselves with loans (value of mortgages) much larger than the asset valuation. This poses problems for the underlying assets on the books and may result in either (topping up) or significant loan rationing. The latter is absolutely fatal to the housing market and house prices.
