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We'd better tell that to all the people buying property here then, and to the banks who are lending them the money. I wonder how all these people are managing to afford this seriously unaffordable property...?

It might do what it did between 2002 and 2007, during the last interest rate raising cycle. There was less stimulus back then too. Of course, these days population growth is a lot higher, and interest rates are starting from a lower point, so maybe the capital gain will be even stronger this...