Just adding to this, the same thing goes for Norway...our home prices are far above the historical average when looking at average income and price growth. You'd typically pay somewhere around 8x anual salary to buy a home, and prices are still growing really quickly.

There isn't consensus that there is a bubble in the housing market, but some economists have produced detailed and convincing analyses that this is in fact the case. The price growth has been fueled by low interest rates, immigration and low construction rates due to bureucracy.