Is there an end to rising house prices?

Found this article, My Say by Azam Aris from The Edge Malaysia's forum dated 23, May 2011.

I shared the same view as per Azam Aris mentioned in his article "No end yet to rising house prices" that the rise in house prices is not commensurate with the rise in income for many (Malaysian).

Below are 2 paragraphs that are worth to share with you, especially if you are puzzling if you shall get yourself a house now which is far beyond your means or wait.

Brad Jones, an investment strategist with Deutsche Bank, says the framework created by Kindleberger and Minsky defines finanacial market bubbles as occuring in seven cycles:

1. displacement (the birth of a boom)
2. expansion (growth of the boom)
3. easy credit (which fuels asset price inflation)
4. euphoria (over-optimism and overconfidence)
5. insider profit-taking (the liquidation of positions by lead investors)
6. panic (chaos as investors try to sell but are hindered by illiquidity and leverage)
7. revulsion (investors stop participating in the market)

All major financial market bubbles in the 20th and 21st centuries, Jones notes, have followed the seven stages of the Kindelberger-Minsky framework. "Notably today, it appears some Asian assets are in the third (stocks) and fourth (property, credit, loans and small caps) stages of the the cycles," he says.

To me, I have already own a decent house. If  I were to buy another house, it will be for my family and myself, sort of upgrade of existing lifestyle and definitely not speculation.