Well it has been six months since Poster "Paytown50" predicted dire things for the Australian Market...it is so easy to post gloom and then when it proves not to be to then fall away.
The Australian economy has survived the GFC best amongst the developed countries, for a number of reasons, including the strigent regulations of our banking system, a local resue package by the Government that was implemented quickly and yes our keen trading with the Chinese.
The property market since January 2008 did suffer a slide of 5-25% person, however these drops were very localised. From city to city, from regional area to regional area, from suburb to suburb, from value of property to value of property. The higher the price on the property the greater the drop.
There is certainly great buying for the long term investors who want safe investing in a Country that is not affected by extreme circumstances...
Australia only 'survived' the GFC because of unprecedented and reckless government debt funded stimulus aimed at keeping the bubble inflated. The bottom line is Australian property is a ponzi scheme of epic proportions. The writing is on the wall and there have been significant declines in recent months. Once the speculators realise capital gain is dead then the party if over and a crash bigger than Ireland or US is guaranteed.