Brisbane is an interesting case. Between about 1992 and 2002, property in the city went basically nowhere value wise. I bought a property in 2001 for 20% less

Brisbane is an interesting case. Between about 1992 and 2002, property in the city went basically nowhere value wise. I bought a property in 2001 for 20% less than the owner had paid in 1994. Then, in about 2002/2003, it nearly doubled overnight and has never looked like going back. I foolishly sold a house in 2002 which was listed 2 years later and brought more than double the price I had bought it for. It's again in a long slow slump (compared with inflation) - this is likely to persist for some years. So your experience exactly covers the period of greatest growth in Brisbane. I agree with you, though, current conditions make it risky. However for the OP now would be a good time to convert some USD into well-located Australian property.