The only reason most countries are coming out of recession is due to huge stimulus spend, do you really consider this a recovery? Do you believe the underlying issues that caused the GFC have been resolved? 2009 was the eye of the storm, IMO there are several ways things could play out, but no scenario I can imagine sees Australian property becoming even more unaffordable.with the world coming out of recession in 2010 I very much doubt it.
For every country that is "recovering" there is a Greece, Dubai, Ireland, Mexico, etc who are still facing debt issues and sovereign debt rating decreases.
At least we are partially in agreeance here, investment in housing at these prices really is a bet/gamble.If I had to chose and bet between a 50% boom and a 15% crash I'd put my money on the boom , not because I expect prices to boom that much, not because I'm a property bull but simply because it would be the safer bet.