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Thank you, Tony, for that explanation. I read something about the high cost of Australian housing in the New York Times a while back.
In the States, housing is also quite expensive, every bit as high as it was during the "bubble" several years ago, only now no one says we're in a housing bubble. Why that is, I don't know.
The price of housing here fell a bit during the Great Recession, but it has bounced right back and more. I'm no economist, but I think the U.S. has too many people (too much demand for housing) and too many people with too much money (who buy housing for speculative purposes).
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