High demand for housing and low interest rates = high property prices.
Australian cities are changing, very quickly. Plenty of challenges ahead. I don't think we'll see Australian cities near the rated top 10 'liveable' in a decade.
Australia's population at 30 June 2012 of 22.7 million is projected to increase to between 36.8 million and 48.3 million in 2061, and reach between 42.4 million and 70.1 million in 2101. http://www.abs.gov.au/ausstats/abs@....e)%20to%202101