I think it means something. I listened to the same people 20 years ago who are saying now that its different this time and property will go up forever, ignoring the fact that houses are 7-10 times national income and belittling those with an alternative view as crazy or those who've missed out. The conversations obviously weren't online back then and the media didn't seem to play as big a role as it dies today but it sounds exactly the same.
The fact is that overpriced housing and banking stocks stick out like dogs balls to anyone who has lived outside of Australia for a good part of the past 20 years. I knew lots of people who lost their whole fortune in the early 90s when housing last crashed in Australia. It will happen again, that is obvious. And I personally think we are close to the top. After all, there is only 1 profitable industry - building - and foreign investment now keep the bubble expanding.
