Reason on want rates up is so that it takes the heat out of the market, i feel the short term pain of paying higher rates early on will be worth it so that as you say, people aren't jumping all over each other to pay whatever they can afford to buy in.
Not looking for massive drops, i think the chances of that are very small, but i do think the most likely scenario is little growth over the next few years, so the massive rises we're seeing in Melbourne and surrounding burbs lately is a bit concerning, hence, I'd prefer higher rates to take the heat out of the market. In the end that appears a better long term result and woudl prevent a bubble (or bigger bubble) forming.
