"if prices start to fall, Ponzi speculators will leave this...

"if prices start to fall, Ponzi speculators will leave this asset class"

What percentage of the market do you believe are "ponzi speculators" as you put it? Personally I think that a significant portion of those type of investors would have already left the market as part of the FHOG Boosts as they would have known that the best part of the next decade will unlikely provide them with the fast capital returns they require for their investment strategy.