Your logic is flawed, the stock market and the property market are not the same. By your logic a house in good ole Masseys Cadoux with a median price of about $180k should be due to boom because Monaco has a median price per square metre of 48,000 EUROS lol
Price is a factor of demand. Why would someone want to live in Adelaide? Is there an abundance of well paying jobs, is unemployment low, is there big projects underway, do you have a sustainable economy? Seems much of it is reliant of Government subsidies and contracts by the sounds of what you have said, which wouldn't give me a great deal of confidence. It is also surrounded by desert, but without the mining or agriculture extent that W.A enjoys.
