60 Minutes - Home Groans

http://www.smh.com.au/business/the-economy/the-charts-that-suggest-the-housing-bubble-is-out-of-control-20160224-gn2b46.html
Here’s the good news: for the past 30 years we’ve all enjoyed watching the value of our homes skyrocket. Now the bad: the housing boom is about to end, and for many Australians – both homeowners and investors – it’s going to end in tears. While you think you’ve heard this all before, remember we now have the highest household debt in the world. Worse still, we have become so blasé about the way we borrow money, we’ve forgotten the consequences – most importantly, that we need to pay it back. So if you have a home loan and you want to stand any chance of surviving a wipeout, you need to be very, very careful.

Jonathan Tepper, a UK based economist and founder of research house Variant Perception, is convinced Australia is in the midst of "one of the biggest housing bubbles in history". 

Tepper in his report bluntly warns "Australia now has one of the biggest housing bubbles in history", noting the country's real estate value to GDP is 3.8 times compared with Ireland and Japan, which both were at multiples of 3.5 times before they before they experienced a housing market crash. 

In Japan's case real estate prices fell 80 per cent over the next decade and in Ireland they fell 50 per cent in the following six years. 

He is predicting falls in the Australian housing market of up to 50 per cent in Sydney and Melbourne and of about 80 per cent in mining towns. "Australia now has the highest level of household debt to GDP in the entire world."