Ross Elliott’s biography shows that he has a personal interest in the building industry, whereas most of us are interested only in owning a house or renting one. Most of us are not particularly interested in facts and figures of the industry, not in reports of whether or not the industry is down or up. I watch at least 3 news programmes each night and, not so long ago, two channels reported the exact opposite on how the industry was fairing.

So, who knows what to think, and who, apart from the industry, gives two hoots about whether or not the industry is making enough dosh.

The building industry would have been pared down years ago if both major parties were not addicted to a huge immigration intake. If we had a net immigration/population policy, our untrustworthy politicians would not be at the beck and call of a much pampered industry. Immigration should not be used to provide more money for a greedy industry, which includes developers, builders and real-estate floggers. Australia is overpopulated now (considering its geography and lack of infrastructure that governments are clearly not providing for the current population).

Australia has become like television industry – same old programmes after the summer repeats – same old jobs putting things up or digging them up to make a minority rich, and the rest of us poor

Great post, Never Trust Politicians. You might consider that the politicians actively want house prices to be very high. It isn't just a side effect of mass migration. As you said, it makes their mates in the property development industry obscenely rich, keeps people's noses to the grindstone because they are worried about paying for their housing and, of course, the associated taxes, and buys support for growthist policies from older people who are receiving windfall gains from modest houses. They are doing immense damage to our environment, security, social cohesion, and quality of life. Our problem is that life is still very good for the rich and connected, and they believe that their money will insulate them from the problems afflicting lesser mortals. Our political and economic systems are great at bringing sociopaths to the top.

Australia's housing prices have defied gravity for too long now, having remained high due to easy credit, a high dollar and investor confidence in the Australian economy. High mortgages and rents have flowed on into the cost of living, as businesses are forced to pass these costs onto consumers. Australia cannot sustain these inflated prices much longer.

If the economy starts to tank in 2014, as all the indicators are showing, so too will easy credit, the high dollar and investor confidence. Once that happens, the housing crash as fickle investors pull out will be sudden and ruthless - and prices are unlikely to recover for many years.

My advice to FHBs is get creative, broaden your research horizons and buy overseas. To buy into the Australian housing market as a FHB at this point in time is madness - as there is a good chance that today's FHBs will find themselves in negative equity within a few years. Value for money, house prices in many comparable countries are one-third to one-half the price of Australian houses and apartments.