Since that historical moment they have never looked back. I can't disagree, Tony.
Speculation is a dead weight on society and has absolutely no saving grace.
Nevertheless, no matter how hard I try, I lack the ability to rationalise some sort of social good into this process. This week, following the release of good GDP growth figures, Australians congratulated themselves that they have not succumbed to 'the Asian contagion'. However, a sharp real estate sales spike against this economic performance shows that real estate spec is alive and well, and outperforming the economy. We should witness the usual economic denouement, in the wake of a real estate collapse in the next few months. Meanwhile, Australian banks fall over each other to lend more on real estate.