I think you're right about Aus and also about the denial bit. I came across a survey of real estate prices in about 225 areas in US, Canada, UK, Ireland and Australia. Nationally Australia topped the lot as least affordable as defined as property price divided by average income. Here, the Gold Coast ranked 13 (with an 8 times multiple) - same as Sydney and behind Sunshine Coast and Perth. Most of the other high fliers were in Southern California. When you consider that the old rule of thumb used to be three times for a mortgage, it's hard to see these prices being maintained. Actually I reckon prices are probably off 10% on the Gold Coast already.