I do question the term most over valued given that the value of a property is what some one is prepared to pay and sell willing to accept so values are mostly driven by demand.
Years ago Perth property was like 50% of Sydney, that has change to 75%-80% and basic that has been due to demand.
If you look at the list of countries those so called "over valued properties" you see that they are also the most desirable places to live, quite relative IMO
