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Nouriel Roubini and others expect China's growth to sink to 5 percent or less after 2013. You do not want to be in Oz RE when that happens. Roubini's research firm estimates that China has wasted $1.4 trillion since 2008 on investments that will likely end up as bad debts.

There is clearly so much flux in the international financial scene, and so much doubt over China and hence Oz exports (eg today's article in CBS Marketwatch*) that anyone buying now must be a little bit dotty. * Iron ore prices have reached a turning point due to recent global economic turmoil...