Don't kid yourself Torres...look at those graphs on the previous page, they are accurate. Australian real estate is going to crash back to earth bigtime in the next few years.
Real Estate agents are madly trying to talk the market up but to little avail. The rate cut might have given it a little push but it is merely the last gasps of a bubble that is set to burst.
Stupid Govt caused this problem and stupid govt not only cannot fix it but will make the problem worse before it falls completely out of their control as has happened in the US.
They say we don't have a subprime probem in Australia...RUBBISH. We have the least affordable housing (by a long margin) and enormous house hold credit problems (using increased equity to by 'stuff'). All driven by artificially low interest rates and a decade or more of 100% loans etc.
The shoe is loose and WILL drop before long. NSW has been in technical recession for over 12 months, Vic, Tas and SA are always in recession. With China and Japan going into recession QLD, WA and the NT (the mining boom states) will be hit hard.