Well, I'd argue that a good portion of the property boom here is demand driven. 60,000 or so people left school every year between (very roughly) 1985 and 1995. They all want houses, and they now have the money to buy them. Houses aren't being built fast enough and old people aren't dying fast enough, so the price rises rapidly.

Prices will level out, and maybe drop a bit, when supply catches up with demand.