One of the largest building booms ever seen yes, but we are a...

One of the largest building booms ever seen yes, but we are a much bigger country now
Each boom gets bigger, property price boom is never when the building boom is, prices flatten as the building boom ramps up, then prices falter before the building boom ends and it all starts again.
This is no doubt a housing bubble but it's going to take supply to burst that bubble as the economy just hasn't got any shocks to make that happen.
Interest rates take years to dampen the market, we will know the boom is about to turn bust when the ASX is looking to have a crack at 10000 and everyone is saying this time is different, we are going to the moon.
I've been waiting on the housing collapse and came within a whisker of selling my house and renting 3-4 years ago, tempted again but I look at how much money I made just sitting one it and paying down the mortgage.

Ps: I'd put us at about 7:30 on the economic clock, long way to go till we hit slowdown stage