I wonder how much of it is secular. With populations weighted towards older workers demand for investment goods is high vs consumption goods where demand is low. As older workers are saving for retirement. As investment goods are not included in inflation measures like CPI. Low demand for consumption goods is causing low measures of inflation, causing central banks to keep rates low. While low interest rates and high demand for investment property is driving the value of dwellings up rapidly. I'd favour including property in CPI and increasing the deposit requirements...
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