I'm no expert, but seems there's some sort of feedback loop going on:

* leverage existing property to get new loan (sometimes at mere 20%)

* rent goes up because "market adjustment"

* first home buyer dreams inches further way since less disposable income & higher initial deposit

* property owners accumulate equity even quicker

At least in NZ, PM Jacinda Ardern said multiple times no one's equity should go negative essentially offering protection to property investors (whose main risk is over-leverage).