Nickoo, the underlying issues & reasons that underpin property...

Nickoo, the underlying issues & reasons that underpin property cycles are numerous and complex. No good trying to detail all of them in this forum cause I suspect that an argument and/or a typographical toe to toe is all you're after. The good Lord knows that I've chased some from time to time.
However, you & I both know that the historical capital appreciation of residential property (over the last 100 years) is 8.8%. This is an undisputed fact (ref;REIA statistics). Ergo, residential real estate, in the long run, is a very sound investment vehicle.
What you have to work out is; at what stage of the current cycle do we find ourselves today and what are the underlying conditions that bring about BUST and BOOM cycles?

BUST CYCLES eg. 1974, 1980, 1984, 1989-91:
1. High interest rates
2. High unemployment
3. Lower rates of immigration.
4. Low GDP
5. High inflation.
6. High current account deficit.
7. High Govt. social expenditure.
8. High Budget deficit.

BOOM CYLES:
All of the above in reverse.

Except for the 1988-89 boom, an exception brought about by the flow of funds from stocks to property after the 1987 Stock Market crash, underlying conditions during all boom periods have looked ramarkably similar to then ones we are experiencing today.
My conclusion?
What exactly is going to bring about the Property Armagedon that you so vigirously predict.

nq