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and even more confounding - it is the upper quartile that has already crashed the most

I think we are just scratching our heads because you are talking of a bubble when we have just been thru a huge crash. You are 2 years too late in your prophecy. You say it is no time for pride or hubris yet you are standing amidst one of the few bubbling property markets in the whole country...

prices in those outlying suburbs are still down about 20%. not as much as the 40% that some of th epremium suburbs suffered but it certainly reduces the risk of buyers. most houses are selling at about repalcement cost... depending what you put the land in at but larger developers such as...

this is irrational thinking. by this logic the median in karratha should be about 20000/4000000 = $2,500