"why have house prices risen"
Kincella, here is the answer to your question compliments of the RBA
"Currently, credit to the household sector is growing … well in excess of what could be considered sustainable in the medium to longer term. Much of this is … fuelling a rate of housing price increases of the order of 20-25% …. The risk presented by these developments is that, the longer they go on, the larger will be the contractionary effect on the economy when they inevitably turn’
– Statement on Monetary Policy, 11 August 2003
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why property prices will/ won't crash, page-53
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