I've been saying this for years. It's just common sense. Look at the prices of Australia's property; it's nearly the most expensive in the world. Property has gone up and up for the last 30 or so years people say, and think it's just going to keep going like that. It can't go on forever. Eventually there has to be some sort of correction. We are not an Island (well actually we're a continent but that's another matter).
Now the lone economist voice that predicted the GFC, is predicting a property collapse across Australia of up to 50%, at least 30%. And guess who's going to be the first ones to go under? Workers of course who own only one property for their home:
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