Its already started in Perth with properties dropping 40% at the end of the mining boom.

Melbourne and Sydney prices are out of control to the point whereby its almost impossible to purchase a property on the medium income. There are other issues which I am no expert on, relating to the generous foreign ownership rules and very generous tax incentives for investors...........but our "bubble" has been ongoing for the last 5- 8 years.

All its needs is a trigger, some job losses and it will be nasty.

Important to note that Australia has been recession free for 25 years!