Yeah I think comparing Australian economy and the US economy is a bit flawed. Wages and the fact that states like New Orleans that have people walking out and abandoning houses they can't pay for bring their house prices into perspective. Not to mention the fact that you also get less of a return when you sell your house over there.
Farming in Australia is an industry that is truly in crisis. 2011 input costs vs 1981 commodity prices. But you have to add in the fact that we die if we don't eat yet you can't afford to grow food here. Now thats a problem that is going to bight us all in the arse in a few years.