The federal election has led political, economic and property news in recent weeks, but Britain's referendum on whether to stay in or leave the European Union on Thursday, is arguably a far more significant event for Australia than our   July 2 snags-and-suffrage fest. 
I've argued previously that the outlook of our government hasn't been as important for residential property as many claim. I'd go further and say that it is invariably international factors that deliver the X factor that changes its course: the emergence of China, the GFC and the price of oil all being examples in recent years of external shocks to Australian property.
A Brexit - to use the favoured shorthand in this debate for Britain's exit from the EU - is considered a 40 per cent chance at the time of writing according to the bookies, despite opinion polls suggesting the Leave campaign will win. This comparatively optimistic thinking is probably the biggest danger.
Should the Leave campaign win, it will be a terrible shock to the British, European and international establishments. They really aren't prepared for this eventuality, and the resulting confusion and uncertainty could kill confidence and push Britain into recession.
If the money markets think a Brexit-triggered recession is a reasonable prospect, a Leave result could see a violent reaction, with sterling and, to a lesser extent the euro, taking a battering. Moreover, as funds flee to the safe haven of the US dollar, other minor currencies including the Australian dollar may fall as well.
The heightened volatility sees a risk that Australian banks have to pay more for the capital they borrow overseas (they source around one-third of their funds through these wholesale markets), which they then lend to domestic mortgage-holders. We could face a situation where mortgage interest rates rise independently of the Reserve Bank's actions. In a worst-case scenario, there is a contagion effect and we get a GFC-type crisis.
Now imagine if Donald Trump, clearly unfit for office, wins the US presidential election in   November off the back of a mass rejection of the political orthodoxy. Once again, it's a scenario we've all assumed can't happen, so if it does, financial and economic gyrations may well occur.
Of course I'm not predicting this set of outcomes (although, alarmingly, Brexit seems more likely with each passing day), but given Brexit and President Trump are now plausible possibilities, we are playing with fire at the moment on the world stage. Indeed, perhaps we are stuck in a loop internationally of perpetual crisis brinkmanship.
To me, that's a recipe for Australian interest rates being stuck at current very low levels for years to come, and possibly going lower. On face value, that helps highly geared investments such as residential property. But, careful what you wish for. The benefits won't be there if the global economy is decimated.
So be cautious out there in coming weeks. And, if you want to be a smart property investor, read the World section of this newspaper and website!