"Speculation" , (i.e., 80,000 new residents per year since 1975), has been driving up prices to "unprecedented levels" since the early 1980's.  If there were not a steady, expanding, underlying demand for housing your "speculators" would lose their shirts.
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For the vast majority of people, the house is their largest asset, by far.  Any government that does anything to impair the value of that asset is courting disaster.