According to many people, Sydney and Melbourne have been massively over priced since the mid 2000's. It's 2017 now and prices have only risen further. Do you think maybe it's just your idea of "value" is wrong instead?
That's what people tend to say after a long run up during all bubbles.
Look at Japan. Their property market had a 40+ years run. Then it dropped by more than 50% over a decade. Mind you if inflation runs at say 3% p.a then nominal prices can simply stay flat for 15 years to erode real value by 50%. Most people won't even notice a property 'crash' because it's usually so protracted.
