I get the feeling it is more than just jawboning. As you say its not just about this cycle but also future cycles. My concern is the sort of returns available from residential property are still better than most other asset classes will these tools really change anything? Banks still need to lend and for investors would a higher cost be enough of a deterrent?
They have remained reasonably consistent however, in response to the question about the significant correction, the 68% who felt it was exposed was the greatest % recorded (this was the 4th time we have asked this question).
As you say, it is one week of data so I don't want to get too carried away. I think the most likely reason is that vendors are getting too carried away with their expectations. Our data shows the rate of growth is slowing across both cities and vendors often take some time to adjust to the changing conditions. We have also seen a reasonably strong increase in property listings over recent while transactions seem to be softening so maybe a little less demand but more supply is starting to impact the market too. A few more weeks and we should have an idea of exactly what is going on (should the trend continue).