Has a housing bubble ever burst without devastating pain across the economy and society? 

New Zealand is in a recession and home values are more than 17 per cent lower than the post-COVID peak. In Ireland, a massive house price surge and crash in the 2000s saw house prices in Dublin more than half. 

So, does Australia need a crash and what would that mean for all of us? 

Some economists think recessions are needed occasionally to reset the economy. In this episode ABC business editor Michael Janda explains how a shock wave would ripple through the economy if the housing bubble bursts. 

Is the medicine worth the pain?