I've been a property bear for the past 10 years and I've got it very wrong.
I failed to understand that banks will do virtually anything they can to keep prices artificially high, and the government will do virtually anything to keep the banks solvent.
After all they view banks as the keystone in the economy.

That's why the Europeans/Germans kept lending money to Greece... so they could bail out their banks.

www.abc.net.au/news/2015-01-14/janda-a-cool-change-blows-across-housing-markets/6015660
https://au.pfinance.yahoo.com/money-manager/real-estate/article/-/25968790/australian-private-debt-points-to-a-potential-financial-crisis/

Will Australia's debt private debt become too much to service with the way resources are going?
Do Australian banks hold foreign currency debt?

Or is Australian immune to any rational property values?