Yes I think you are right. The fear of missing out (FOMO) is a key factor. I'll put forward this theory. Buyers under the FOMO have hit the market in a wave with low interest loans. They have come to buy existing stock at near about the old prices. There is not enough stock to match the demand so buyers are queuing up to see the limited stock. They are also prepared to pay a premium if need be.
Projecting ahead you would have to expect a step up in prices to entice property holders to release their properties to the market.
