Will dwelling values rise by more than 7% over the next few years?

Yesterday, RBA governor Glenn Stevens said he did not expect non-financial assets values- mainly dwellings - to rise by more than 7% per year over the next few years.

Trend growth for non-financial assets has been around 7.1% up until the GFC, but has since dipped as values have fallen.

A reader also pointed out that 7% per annum growth is required for asset values to double every 10 years.

{module Do you agree with Glenn Stevens that dwelling values won't rise by more than 7% per annum over the next few years?}