I understand where you are coming from and agree at first glance...

I understand where you are coming from and agree at first glance housing prices will seem to rise. Indeed there may even be a rush for those who try to "beat" inflation by borrowing and buying a house quickly. BUT remember as inflation rises so will interest rates so those who borrowed will inevitably face higher repayments down the road.
I am thinking along the lines of inflation-adjusted real estate prices. For an example see:

http://mysite.verizon.net/vodkajim/housingbubble/

I suspect this topic could be discussed at depth and I have very limited knowledge and may be totally wrong (wouldn't be the 1st time.. :) However, I am thinking it may be better to buy companies supplying those building materials etc. you mentioned rather than using that money to buy a house.

Another interesting read:

http://www.investsmart.com.au/news/articles.asp?Type=2&ArticleID=25