Where's the DCB option?
Even if you take last year as a "new bubble" rather than a DCB, we never really got to "thrill", let alone "euphoria". There was desperation, panic and capitulation though and from buyers.
Same graph used as previous poll which I suppose at least makes it more directly comparable.
A DCB is fundamentally just a cycle, albeit one with lower amplitude than the preceding one.
I think the graph above works OK if it is used to just pick a tangent to the curve for where you think house prices have been and are going to go ignoring the relative amplitudes of the parts of the curve.