Uboy, a few points, it doesnt cost much to build a block of land (which is the main subject of bubble price increases, the building itself depreciates).
It doesn't make sense to use replacement costs as a reason for a floor in property prices. Think about a car, it has replacement cost also, but that doesn't mean the old car should be worth the cost to build a brand new one does it!
During a housing slow melt the replacement cost of your place will slide because you would be able to go up the road to replace your property with another property that has fallen in valuejust like yours!
