There haven't been any real corrections in this country. Only the f-wits in the media who like to pump the market call it that. There have been minor corrections, and, as you say, bigger rises after.
The multiple of prices to incomes (and the comparison of servicing mortgages vs paying rents) tells an absolute story, which has yet to bear on reality (because most have forgotten that prices actually do go down).
It's a question of when, and I'm looking forward to the day it comes (at least insofar as it damages the property flipping spivs, and sends real estate agents out of business).
