Back in February this year I went to the auction of a house in Bondi that had no fewer than several dozen registered bidders, with the final two prospective buyers bidding hell for leather and sending the final purchase price well over half a millon dollars over the guide price.
By the end of March the market regulator APRA had understandably seen enough, and introduced a range of cooling measures, and by the second half of the year stock on market levels were rising from previously depressed levels.
Auctions were still being reasonably well attended, but often with only a handful of serious but cagey buyers at each auction the mood was much more circumspect.
The shift from strong price growth to a cooling market wasn't driven by an increase in the dwelling stock, at least not directly (in fact the number of houses in many parts of inner Sydney is in decline), nor by a slowdown in population growth (if anything, it's accelerated in Sydney).
Actually, population growth is rarely very strong in the eastern suburbs of Sydney, since not very much tends to get built.
The change in sentiment instead reflected a change in the balance of willing and able market participants.
Prices were still being driven by supply and demand, of course, just not in the way that market analysts often understand it.
One of the more thought-provoking talks I've seen in recent times came from Scott Keck at Charter Keck Kramer, in which he explains why Australia doesn't really have a meaningful oversupply of dwellings.
Well worth a watch, many thanks to Robert Baharian of Baharian Wealth for sharing it.
It's always a bit of a worry when analysis leans towards the view that the laws of supply and demand don't work any more, and we've arguably seen a bit of that in relation to wages growth (and, for that matter, inflation).
After all, it wasn't that long ago that wages were absolutely belting along during the mining boom, but after just a few short years of low wages growth plenty seem to believe that this is the new normal.
A friend of mine in London recently told me he'd received a substantial, six-figure golden handshake (bonuses...remember them?!) for signing a new contract, something that was all but unheard of a couple of years ago.
But with the UK unemployment rate falling to 42-year lows, skilled workers are slowly but surely becoming harder to find again.
The challenge for Australia is that the unemployment rate is relatively speaking still quite elevated at 5.4 per cent, so there's probably a fair amount of slack that needs to be taken up before we solid wages growth returns.
In the meantime, a number of lenders have been quietly lowering mortgage rates again, including for investors and interest-only loans.