Thinking a bit further I have to agree with CBA assessment of AU property. There is actually no bubble here in Sydney Affordability more or less the same in last 20 years. Australia changed structurally so that higher prices are warranted. Reason for this is that now double income family is a norm. Therefore one would expect cost of housing doubles. But the point is that houses are considerably larger or better. Yup, you will pay up for Bali inspired sanctuary. There was no luxury apartments available in '90. Unfortunately for sydneysiders property sucks in all income and people end up in retirement with paid off (too) large houses and nothing else. And this is not good. The beneficiaries are tax office, lawyers, RE agents, handymen, banks, builders ... and not the least important land owners.Pretty decent % of population really. As one longterm property investor pointed out. Property investment is a game of basis points. Lots of risk & leverage for 1% or so net gain a year. Same as play forex with margin 100 : 1 and no stop. As it appears price growth is at at the level where nobody loses- in balance. Why not continue ? Some people obviously have nerves for this type of leverage. Shorts on AU banks, no thanks. Expecting to get rich with flipping property in sydney: wouldn't hold my breath. Transaction costs 6-10%. you need to wait 2 years to break even except if buying from distressed or successfully selling shady renovation. Quality of build is also not always there. Am I am looking wrong area ? My data faulty ?