Australia for all intents and purposes hasn’t had a recession since 1991. We entered the GFC with ~18% debt to GDP so Gov just borrowed big to avoid that bubble and printed like maniacs for Covid to avoid the worst of that one.

The average mortgage in Sydney is 12:1 income ratio and 9.5:1 in Melbourne - the USA is at 5:1 and people think housing is unaffordable there. People in the know predicting our bubble burst will be significantly worse than Ireland’s.

I wouldn’t be investing in any RE here. If I absolutely had to then Queensland or WA outside of major centres; only because they’ve got mining revenue so won’t suffer as badly as NSW or VIC which are fully services-based economies who will end up taxing the shit out of property in the coming decades.