Every bubble has its naysayers and disbelievers. Usually, no one pays them much attention, at least not until the bubble bursts and the media are casting around for someone to explain what the hell just happened.

This time though, people calling 'time' on the stupendous increase in property prices in Sydney and Melbourne are being handed media megaphones with a brief to be as alarmist as they like.

Tighter lending policies are also affecting owner-occupiers.

Take Treasury Secretary John Fraser, who last month said Sydney was 'unequivocally' in a bubble. Unless they're close to retirement and have a bonnet full of bees, econocrats don't use language like that.

Is this bubble of so much concern to policymakers they have to abandon their usual tempered, cautious, language so no property buyer has the excuse that they weren't warned?