I do agree with you on the cheap credit as being a major factor in the house prices.
Some banks are back to the 120% of purchase price for loans. This is not a good thing and will ultimately have a melt down
The problem that you have with the population is as booz posts the land content and with immigration against natural increase is the timing we have had something like a million people come in over the last 15 years and that does not take into account the flying buyers, so the natural building supply cycle is not fast enough to take up the slack so increases are inevitable
