Fundamentals mean house prices should be higher than before, but that doesn't prove they should be this high. The population didn't double in five years. Such h

Fundamentals mean house prices should be higher than before, but that doesn't prove they should be this high. The population didn't double in five years. Such high-flying markets attract lots of speculation, especially in the last few years. The higher prices go, the more it attracts people to jump in and the thing accelerates, though the price relative to the fundamentals is actually getting worse and worse. How can it not overshoot? Look at what happens with worthless cryptocurrencies...