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Peter I think I left out a major part of my analysis. I anticipate that traffic will get much worse in all Australian cities and that (peak oil or not) petrol prices will become increasingly (severely) unaffordable. In my view the cost of commuting from outer ring will become...

Both land and building costs are cheaper with higher density. Whats going to give is the McMansions. Ordinary people will be forced out of their palaces and into 1 and 2 bedroom flats. As ably demonstrated on by the developers on this site - the 805m2 block is history.

I agree completely. Having experienced first hand how the American quarter horse industry relies almost exclusively on Mexican labour (they get around minimum wage by putting them on a salary of 14k per year) - and those are legals ! Its my guess that a lot of the US surplus homes were...

Before you call for a construction led boom you might want to take into consideration likely building costs in 2015.