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30% is a major component. It's not only the majority demand that pushes up prices. Some of the biggest recent bubbles in the world (since popped) were driven by speculators (Florida, Dubai, Eastern Europe, Spanish holiday areas). Australia also has an abnormally high proportion of property...

Of course property investors push prices up, any source of demand does. To suggest otherwise is just wrong. Investors (/Speculators) are a major component of property bubbles.