Comparing individual investors to managed funds isn't useful. The amounts involved, methodologies employed for return and potential for collusion aren't comparable. I can't speak to your market, but here in Ireland private equity (or vulture funds as they're known) have purchased 46% of new homes since 2017 [1], which has enormously heated up the housing market.
The fact that the housing crisis is global evidences the impact of private equity - especially purchase to rent and purchase to hold. Regardless of the demographics of a given country we have simultaneous house price explosions transnationally, which are detached from wage increases.
The useful distinction is between speculators and homeowners. The distinction between private equity and individual speculators is not so useful. The latter also collude and vote in their investment interest.
Personally I think what has been happening globally is that members of governments have been learning collectively how to manipulate the housing market. It seems like a win-win situation that makes (almost) everyone happy. Except of course for renters. They will push on whatever levers they have until it breaks again.
The fact that the housing crisis is global evidences the impact of private equity - especially purchase to rent and purchase to hold. Regardless of the demographics of a given country we have simultaneous house price explosions transnationally, which are detached from wage increases.
[1] https://www.businesspost.ie/news/revealed-how-many-apartment...