[richev]

> If people are willing to pay a price for a home

Poorly-regulated lending means that it's the banks who are willing to lend the money. Home owners pay what they have to out of necessity, not willingness.

(speaking as someone who owns a house in Sydney)

[jojobas]

Short of payslip fraud, that's something of the past.

It boils down to how sure people feel they can keep paying the huge loan over the next 30 years.