The Chinese property market has crashed. More due to govt money structures and how investment works over there. They readily look overseas for all investment. Those that favor property look here due to our openness.
If you look at more mature property markets in the world (Europe), you will find some of those nations don't promote the great Australian dream of owning a home. They a firmly locked into a renting lifestyle/norm, which is socially acceptable.
In Australia, unfortunately, I don't believe you will see a crash int he market, or a vast correction in affordability. There are many reasons for this.
1, investment is too favorable (tax wise, rent income etc), meaning those with the money will buy more, keeping supply low and demand high, meaning prices will continue on an upwards tread over the long term.
2, That supply will always be low, as we don't put plans in place to increase supply. Ie building rates are too low, and those that build them aren't given favorable environments to build (Govt bureaucracy in approves).
3, Our countries natural layout. The proximity to work is centered around cities. And the distance to travel from affordable areas is too far, and our transport suppliing those work dense areas isnt fast, nor good enough. Those city areas are the ones that aren't affordable. If the govt funded something like the Very fast train to connect more regional areas, you'd see more affordable housing that's suitable, become available. The reason govts here don't do it, is that it's expensive and would take longer than a 4-year term to finish, hence they get no credit for it, and it's not in their interests to do it.
Thats enough for one post. Happy to discuss