My Dad, and many of his mates, all told me property goes in cycles, as do economies, as they persuaded me as a 2nd year apprentice to go in to debt & buy land & build at 19, they'd seen it all happen over their lives.
I have seen it happen in the exact way they stated then 3 times since.
It's either take the heat out gently, or wait for the bust, and all those waiting with capital to swoop on the bargains.
Which do you think would be better?
Of course, I hear what you say about political popularism, but Labor is running on just that policy, and polling say's they have ample support among voters.
It perfectly aligns with & represents Labour principles & ethos, and if elected on that platform, they have a mandate to do it.
I think as the Reserve Bank has an ideal inflation band, and makes monetary policy adjustments to stay within it, so should any Gov of the day adjust these sort of policy's so we stay within a reasonable med H Price to med wage ratio.
It's something I'd like to see debated,and then a bipartisanly set figure, binding all future Governments to it as a performance guide, like unemployment, inflation, debt, ..etc.