Crash should have happened in 2004
Which was when house prices hit over 3.5 average wage.
I actually had my house on the market expecting the prices to crash as I ignorantly thought that no idiot would lend more than that as they wouldn't be able to pay it back. If if things had crashed then, it wouldn't have been nearly as deep or as long.
The govt were being willfully blind as the BIG indicator - inflation would have told them something was up, except that they left house prices out of the various inflation indexes. And this STILL has not been fixed, so I'm fully expecting more boom and bust in coming years.