If you ask what next for the big four banks — both as businesses and as investments — you are really asking what next for residential property across Australia but particularly in the hot-to-boiling markets of Melbourne and Sydney.

The Chinese aren't the only ones fuelling Australia's property boom, with expats forming a powerful new wave of buyers as they cash in on opportunistic foreign property gains and bring their money home. Local Australians are benefiting, too, as they seek to repatriate funds invested in distressed US property zones.

Regulation of the real estate industry in New South Wales is set to be overhauled with a new government division set to oversee the sector. Part of NSW Fair Trading, The Real Estate and Property division will take responsibility for all real estate and property functions, including industry regulation, in the state.