The housing market is still looking good and resilient despite the whole economy affected by the China slowdown, and mainly Australia because the economy is much commodity-based on selling it to China. For example, prices of properties in July were up as much as +10% compared to 2014 July. Meanwhile it is predicted that the property market will collapse, since years, it is not here yet. Hence why Australia regulation asks bank to be more prudent: The biggest bank of the countries are enforced to have more capital, and weight more the risk about the property assets they have. Australian banks have raised $17 billion AUD in fresh equity. Investors doesn't like it, since these banks got as much as -15% when they tried to get new assets, basically modifying the current shareholders' dividend landscape.