Two academics having a bet on Australian property? Nothing new, but an interesting quote from 2010 anyway (and not the only prediction of this type):
...The U.K. and Australian housing bubbles may be unimportant to U.S. investors, but to bubble historians they look extraordinary. The U.K. event in particular has broken out of any previous mold. Despite the usual cry of “special case”, they will decline around 40%, back to trend, as was the case for the previous 32 bubbles. If not, it will be the first time in history that a bubble has not behaved in this way. Reversion to trend will involve considerable pain, which I will discuss further next quarter if things are quiet....(here)
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