Comparing individual investors to managed funds isn't useful. The amounts involved, methodologies employed for return and potential for collusion aren't comparable. I can't speak to your market, but here in Ireland private equity (or vulture funds as they're known) have purchased 46% of new homes since 2017 [1], which has enormously heated up the housing market.

The fact that the housing crisis is global evidences the impact of private equity - especially purchase to rent and purchase to hold. Regardless of the demographics of a given country we have simultaneous house price explosions transnationally, which are detached from wage increases.

[1] https://www.businesspost.ie/news/revealed-how-many-apartment...