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I think it might be interesting to remember that this is the same RBA that was raising rates quite recently in attempt to combat the threat of inflation. If they completely missed what was about to happen then I'm not sure why they should be any better this time around.

It's a bubble, not a boom... :)

And right near my train stations first please.. 10 story zoning oh please oh please.. prays to zoning gods (but not allowed to sleep with them).

If only because I'm old enough to remember the 70's :) http://en.wikipedia.org/wiki/1973_oil_crisis

Political pressure + spreads between 90d bank bills and cash rate are stable to falling. Was an easy call that they would hold + jawbone.

4. The China Price. Low cost of crap from China has allowed us to push inflation and prices up and into hard assets and services, such as property. 5. Creative destruction. New tech pushing up productivity and lowering costs, allowing greater % of pie to be baked for cost of housing.