Others felt banks would be unable to fund further growth due to inadequate deposit growth leading to a dearth of credit availability.
As I noted back at that time, you can study charts until the ink falls off the page, but unless you are in the market buying properties, there is always a risk that you will miss a key intangible - sentiment - and as noted on this blog I felt that 2013 and 2014 would be very strong years for Sydney property.
December 2013 was perhaps the most marked month of buyer mania that I experienced - with fear pf missing out abounding - but generally the market has remained very robust throughout.
Sydney's home values have been rising at a rate of well over $2,000 per week for more than 18 months.
Will the market stall?
But will this eventuate this year?
Firstly, market regulators might stamp on lending practices, killing off demand.
And secondly, it has been said that there aren't enough owner-occupiers in the market to keep upwards pressure on prices.
1 - Reserve needs a consumption boom
The growth forecasts seem remarkably optimistic, with GDP growth expected to rebound quickly towards 4 percent by 2017.
Over the past year there also have been reductions in advertised interest rates on fixed rate and variable rate loans, in particular the 5 year fixed rates on offer from the majors.
In short, GDP growth is expected to rebound, but with the help of a cash rate falling to 2 percent or lower.
Markets are pricing in another interest rate cut in the first half of 2015, with implied yields on January 2016 cash rate futures contracts dipping as low as 1.88 percent, representing some 37bps of further cuts priced in.
4 - Investor loans are exploding
Cheaper lending rates are only set to be more fuel for the bonfire.
5 - Nobody's leaving Sydney any more
Net interstate migration from New South Wales has fallen to the lowest level on record as Sydneysiders opt to stay put for superior employment prospects.
6 - There's no stock overhang
7 - Foreign buyer 'crackdown'?
8 - Risk on
Inner suburban rents have continued to rise in Sydney, and investors do not need to look too hard to find gross yields of 4.5 percent on attached dwellings.
Expect Sydney auction clearance rates to kick off in the high 70 percent range in 2015 as the market finds its feet.
Consistent readings of above 80 percent are typically indicative of boom-like growth.