has the peninsula lost the plot?

If I had to say if I was bull or bear on property, I would say bull for sure. But having a look around the peninsula I can't help but feel some places are overcooked at the moment. I found a tiny weatherboard bathing box in Mt Martha for 290k! That's not a typo, $290'000 for small weatherboard box. Another red hot deal I found was nice little foam box in a caravan park in Dromania with nice fwy frontage for a bargin price of 175k! When a foam box in a caravan park stuck between a drive in cinema a busy fwy is 175 thousand dollars I can't help wondering if now is the rite time to be buying. Is it actually possible for prices to keep soaring from here? Will people actually pay 250k for a foam box in 5 years? It's hard to believe they will unless wages go up 10 to 15% a year over that time and I don't think that's going to happen.