Please mate dont shoot the messenger boy. This was also in the letter
"The Australian property bubble is an observation that real estate prices in Australia appear to be inflated (when compared to some other developed economies, when compared to the long-term historical average, when compared to rental yields, and when compared to average income), and that this may constitute a real estate bubble. Broadly, Australian property prices have been rising in real terms for over 60 years, rose quickly between 1997 and 2004, and rose sharply again between 2004 and 2008. This behaviour, in contrast to many other countries during and after the current global financial crisis, has led to concerns about housing affordability, as well as concerns that Australian property may be experiencing an economic bubble."
