These factors and massive monetary policy easing contributed to a surge in FOMO – fear of missing out – and it is the feeding frenzy of those not wanting to miss the boat which pushed prices to extreme levels.
As we now have evidence of prices falling 1.5% in December and 1.1% in January, thoughts naturally turn to how far prices will decline. But there are so many unpredictable factors in play and buyers and sellers need to be wary of trying to pick market timing.