http://www.afr.com/real-estate/nobe...ate-have-a-pretty-good-bubble-20150729-gimq85 He says further: And this is how rent growth is looking at the moment (via http://petewargent.blogspot.com.au/2015/07/slowest-rental-growth-since-1995.html) I know that many here don't rate economists highly... but plenty of PC'ers have also said the Sydney & Melbourne property markets are overheated. My view is that a bubble is only confirmed once you get the pop (if you don't get that it was just expensive/overvalued), so how large does that nominal bust need to be? In my opinion (at a capital city level) if we saw a greater decline (in the median) than 15% over 3 years then it was a bubble. I think there's a good chance of seeing that in Sydney & Melbourne once the peak is in. What's your view?