Is there a shortage of land in Australia?. This is the argument...

Is there a shortage of land in Australia?. This is the argument the Japanese used for their property prices in the 80's before house prices dropped 50% and are still cheaper

Are you buying your property at the top of a boom? Australia haven't had a recession for well over a decade, unemployment and interest rates are low. So the risks are firmly to the downside, with potential upside gains very limited

With property everybody thinks its a sure thing, this is exactly the type of thinking that causes manias.

I think a lot of Australians need to seriously take a step back and see what they are really paying 500k for(the average house price).
Are they only paying 500k cause they think it will be worth 550k next year, eg the greater fool theory where you believe you can sell it to a greater fool than yourself at a higher price.If thats the way you think, then you would be happy and maybe a lot of others are now to buy that 500k house tomorrow for 800k.

So are you buying that house as its yield(Real yeild) is good or for capital growth?
And do you really have a fair idea of value or will you pay anything cause the price is rising.

The last boom was dot com, people paid any price for stocks with low or no yield under the assumption it was a new paradigm and they would be able to make capital gains,is property the same, have the rules changed and are we once again in a new paradigm?