I read the Daily Reckoning to keep a jaundiced eye on the world, but it's about doom and gloom and predicting the crash that must come. A while ago Denning (I think or one of their main contributors) unapologetically responded to charges that his bearish view had prevented many of his followers taking part in the recent stock market rises, saying that eventually he would be proven right and it would all crash down.
I read the article back when it first came out and and took on some of the matters mentioned, but he is like many of the doom and gloomers, measuring Australia against US and wishfully hoping that his gold stocks will zoom up to $5,000 an ounce and he'll be the new guru who predicted it all.
He makes some valid points, but look at the style of the language and match it against some of the flowery language found at other conspiracy and doom and gloom sites. They can't resist a bit of hyperbole. Have a read of the Daily Reckoning site and you'll see the general tone. Good to keep in mind but by no means the final word.
If you want to see more commentary in the style of the Daily Reckoning then go to
http://www.marketoracle.co.uk/. Again, many valid points of view but they are just opinions still.
It all comes down to affordability, what you're hoping to achieve and what your plan is.
True, housing affordability is probably the largest political issue facing the new voting generation, and true, government has let down that generation, but a blanket run away from the market or you'll lose your future is not the message to read.
As Rob says, the human nature influence is the one that matters and we are still a nation that aspires to home ownership.