Why the RBA is reluctant to stop the housing boom

Each weekend, across the country, they line up for a quick COVID-restricted viewing. 

They are shuffled in from the driveway and from the street, subjected to a toned-down version of the usual spin from agents whose main task these days is to act as crowd control marshals and fend off requests for contracts. 

The competition is intense. Young couples nervously eye each other off, would-be rivals in a quest for their slice of the great Australian dream.

Properties listed online on a Thursday are swamped by inquiries, eager buyers and bids. Many are sold within days. In most cases, the auction is Dutch style, conducted in secret with minimal transparency.

The final prices routinely come in at well above the indicative range and well above…