If there is one thing which the above chart should tell you from a real estate perspective it is that capital city properties located close to key transport links for employment centres will perform better over the long run than the average dwelling price growth.
Yet elsewhere, weaker economies and ongoing declines in engineering construction are set to act as a material drag on GDP growth over the coming 2-3 years.
There seems to be a fairly widely held viewpoint that unemployment always exists to a greater or lesser extent, and therefore isn't even particularly all that important for property markets. Very foolish.
The key point to remember is that while high interest rates are not going to be a factor which causes a property market correction any time in the near future, rising unemployment - which, trust me, can take a proverbial wrecking ball through property market sentiment and in turn dwelling prices - could be.
We are also now seeing migration away from some mining regions, which is another risk entirely.