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Agree with all your points but the fear of missing out and the herd mentality is driving things to current levels don't you think? Its certainly not income growth. Any state government with that sort of stamp duty revenue would be doing quite nicely.

I think it has more to do with low rates meaning the average mum and dad can afford to buy/build providing they are outside of Sydney, leading to more construction and supply. I have now had 2 tenants wanting to buy their rental from me in the past month, I can't remember this happening before.

I think that we are in for a exended period of low wage growth, there will be exceptions in certain industries where the supply demand equation will favour those with the right skills and expertise but our wages are still high internationally in many areas IMO. How this affects house prices...