I am Australian and am wary of investing in Australia, despite the many wonderful things about the economy over the last few years. The currency is at all time highs, meaning if you are a foreigner you are paying a historically high price for whatever you buy. The domestic economy is skewed toward resources largely funded by Chinese stimulus/speculation, which could turn on a dime. House prices are stratospheric and almost any rise in interest rates or unemployment (which are again at historic lows and have one way to go) will put the brakes on housing very quickly, leading to serious issues in the banking system and onward from there.<p>I am trying to persuade my parents to sell their house in Australia (which they no longer live in), diversify into beaten down currencies like the USD, and try to buy into a different asset class at the bottom, somewhere else. Possibly even US land or similar, if America takes its medicine.