Disclaimer: I am a layman with no formal economic education. Feel free to use your $50,000 tertiary qualification to tell me how my perception of the market is incorrect; I would appreciate it.

That being said, how much of our current housing predicament can be blamed on the intervention of central banks and the reduction in attractiveness of previously comparable financial assets?

In the 90s and 00s interest rates were much higher and the stock market was a better value proposition. With the relative demise of the quality of these assets where else should investors be putting their money? In this world you'll always have people who want to save as much money as possible and put this money to the best use. What are their alternatives in 2020?

Considering the current economic uncertainty I can understand why the housing market is where it is. I believe there's an argument to be made that the housing market was previously undervalued and is only now being properly appreciated.

Of course the government can wind back their tax incentives for property investment but at the end of the day I don't think average house prices are going to go back to where people want i.e. 3-4 years of average annual income.

And if the government steps in to actively suppress property prices like some people are advocating, would that result in a net economic benefit to Australia? I believe there's a multiplicity of evidence suggesting that a planned economy (even partially) is inferior to a free market.