In regards to Buffet's comments, that is exactly what was happening in Japan in late 80's until '93 when property bubble burst. It was called the myth of land price: the property prices never go down. Sounds familiar? This myth was established over 40+ years. When a certain condition lasts that long I guess people start to believe it will never change.

I am Japanese and when I see some property guru talking about capital growth stuff, I often think of bubble burst in Japan. I don't think it is going to happen soon in Australia. I think this country is very young and still at the early stage of growth in its cycle as a country.  But it could happen maybe in 10 years, 20 years, 30 years, who knows, oneday…

And it happens when no one is thinking that it is coming.