If that's what they call a bubble then we are really in the poo poo.
The following couple of sentences from the article say it all IMHO.
"The boom in the property market in the past few years has boosted consumer spending by making people feel wealthier, offsetting the effect of falling share prices.
Consumers have been able to borrow against the higher value of their homes, generating windfalls that are spent on cars or holidays."
The key words....."feel wealthier"....when you feel wealthy you spend more and make irrational decisions.
