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You make a good point here. I makes me wonder why we might expect a major drop in property prices when so many other things are so expensive, and we have no reason to expect these other prices to drop.

I've stayed at Embassy suites in a couple of places (LA and Miami) and found them both to be fantastic. Vastly better value than any accomodation I can find in Australia.

Yep, stuff costs more than the US. Of course, this is due to our much higher incomes, especially for lower income earners.