http://www.abc.net.au/7.30/content/2015/s4332691.htm Some key quotes: ATYAJIT DAS, FINANCIAL ANALYST: Australians have been playing this Ponzi game of housing where I buy a house and the value goes up and what happens is then I make money by selling it to somebody else and the whole game depends on the buyer always being able to borrow ever larger sums of money and that all depends on incomes and employment, and that side of the economy, the real economy, is looking extremely weak. *** ROBERT SIMEON: Whenever you've had rapid price growth, it's inevitable there's gonna be a correction. That's just the way it is. I mean, the market's always sort themselves out and find a new plateau. Some markets won't be touched. Other markets, it'll be quite horrendous. *** CONOR DUFFY: David Moyle owns a house and a townhouse. He can't sell either because they're now worth less than the mortgage. DAVID MOYLE, HOMEOWNER: If the interest rates were to go up significantly, yes, a lot of families will go under. I have allowed myself four years to ride it out and if I can't - if the property market doesn't increase or get better in the next four years, then for me, the harsh reality is I'll take a sizeable loss and I'll have to start again. CONOR DUFFY: The one-time rapid growth and lifestyle lured him to invest. He never saw the downside coming. DAVID MOYLE: I would be lying if I'm not sitting back at night-time kind of wondering what the future holds. As I said, you know, if I was 20 years younger, I would've probably said, "Well I got 20 years to work it off." I'm now turning close to 50.