Blind freddy can spot one and the media talk about it but what...

Blind freddy can spot one and the media talk about it but what defines a property boom. There have been two obvious ones, 1987- 89 and 2005 - 07. They were easy to define, prices doubling in 2 years, everything in demand, multiple offers at first open. etc. What is happening now is not a boom, prices are going up but not doubling in 2 years, I cannot see $350k 60s houses on the outskirts of Perth doubling in the next 2 years, or inner city houses going from $880k to $1.6m anytime soon. Booms and busts are for the stockmarket, what we have now is a return to normal and catch up phase.