True... but we also have to consider which segment of props are being speculated and which are for own occupancy... I feel that mid priced props have a lower % of speculation, and the % speculated increase with the property price, this is especially so now that the market is pretty saturated and those looking to buy for own occupancy are facing affordability issues... Thus I still think focusing on high-end price movement with supply auction data, etc, etc to be a better indicator... Ripple effect (positive and negative) from syndicated speculation is larger than individual speculators.