australias biggest fund manager calls a bubble, page-44

So based on those 3 points, property in oz can remain above trend for another 80yrs until the next "depression", and is not in a bubble phase?

If anything I think your points support the bubble argument.

1. Other markets have corrected and the oz market has not.

2. There is no limit on foreign buying.

3. We got through the GFC with property prices unscathed and are not due for another crisis for more many decades.

Your assumptions are heavily based on govt. policy continuing to provide a bottleneck that lifts property prices over the long term.

That's fine, as long as you trust govt policy will remain intact.