FYI the USA thought they had a shortage, and their house prices would continue to go up to infinity too.
Their bubble just popped earlier than ours, revealing these thoughts to misguided bubble-think. The UK also kept going on about immigration, being a tiny island with no land and a shortage. But surprise, surprise - they had a bubble too.
Almost everyone thinks the fundamentals are there during a bubble, then when it pops, they find they are mistaken.
But Australia is different. Here, we can watch the bubbles pop around the world but feel secure that it's different here. It makes sense that a country with so much land per person should have such expensive houses relative to wages, no?
