why couldnt it happen here, page-32

Can't agree with the doomsday scenario with the Australan economy the way it is; the massive resources, low population. The weak point is public and personal debt. It's at scary levels.

I see average house prices dropping 10% or so and maybe stagnating for a couple of years provided the economy remains bouyant. A deep recession in the U.S. or diplomatic problems with China or another major rift and all bets are off.

It can't be denied that house prices are well past historic highs against income, up to 15 times median salary. It is a bubble but not necessarily one that will pop.

If you are leveraged to the eyeballs then you should bail. Those without debt are laughing.

Cyclichigh, cheers!