Instead, rapid price gains in the biggest cities merely reflect underlying demand and a supply shortage, fundamentals that are very different to the kind of credit-fueled property boom-and-bust cycle seen elsewhere.

This is the basis on which the article claims that a housing bubble does not exist. It's a very stupid point because household credit growth is not a necessary condition for a housing bubble.

A housing bubble is a run-up in housing prices fueled by demand, speculation and exuberance. Housing bubbles usually start with an increase in demand, in the face of limited supply which takes a relatively long period of time to replenish and increase. Speculators enter the market, further driving demand. At some point, demand decreases or stagnates at the same time supply increases, resulting in a sharp drop in prices — and the bubble bursts.

Instead, rapid price gains in the biggest cities merely reflect underlying demand and a supply shortage, fundamentals that are very different to the kind of credit-fueled property boom-and-bust cycle seen elsewhere.