You still have to put down a 30% deposit for first home and 60% for a second, which is stark contract to 0% down payment or even borrowed down payment in US.

A main reason people buy properties is the lack of other type of investment. The public in general have no confidence in stock market. Housing is the only thing almost guaranteed to make money. As financial reforms such as allowing investing overseas kicks in, we should see money moving away to housing market.