Housing investment has rebounded close to historical highs, since the sharp declines during the global financial crisis. Unlike in other countries, this 'V' shape recovery was due to a stable banking sector, solid mortgage credit growth and the good fortune of higher commodity prices. This better past performance, however, is not an indication of future performance. We predict a global economic slowdown, a drop back in commodity prices and falling house prices will led to substantial declines in investment later this year and next.