The city is growing, with more jobs being added each year, so it makes sense that people want to move to my city. As time goes on, more people move, and more jobs open, so the demand for homes goes up. That's fine, I can accept that.
But do property prices keep going up forever? When does it end? At some point in the future would a 4 bedroom house be worth 5 million, 10 million, or 20 million dollars in my area? In theory you could sell property at whatever price you wanted provided there is a greater fool ready to pay for it. And maybe houses were in fact undervalued back when it was built, considering it's an Alpha city in the relatively early stages of development, yet common sense tells me there must be some form of ceiling on house prices in the future.
I guess I'm just pondering/questioning the notion of "safe as houses," which has always seemed suspicious to me.