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I'm not sure it is a bubble. There are few large cities (3+ million people) in the western world where you can get a block of land in the inner suburbs for under $1M. There will always people who are catch the train past these places every day, and want to move closer to the city.
The one part of it that I can see going south is the glut of shoddily built blocks of flats. Exorbitant prices are asked for tiny flats.
I can't see the market maintaining that a 2 bedroom flat is worth $500k, where a 3 bedroom house on 700m2 the same distance from the city goes for $1M.
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