Based on the RBA report, “Stronger activity in the housing market, particularly by investors, can be a signal of speculative demand, which can exacerbate property price cycles and encourage unrealistic expectations of future housing price growth among property purchases.”
Nowadays, interest rates are at record low and it is competing for banks. The house prices will not continue to rise forever because lots of factors may change although, interest rate remains on hold. Economists are trying to lift the Australian dollar lower which dwells the market more competitive. Migrants and foreign investors are dwelling up the property prices. We need to maintain the consumer confidence high and definitely the banking system continued to perform strong. House prices may grow or become affordable when unrealistic expectations come.