You seen to want to justify high cost of housing as being a function of natural Market forces. The current valuations have nothing to do with the actual market buy more to do with Government interfering in the markets.When they introduced first home grants the average unit in Sydney was 400G. They then followed with this by allowing Super to buy into the market and then interest rates were dropped to create what they perceived they needed which was growth.
Problem,wages didn't grow,only the amount you could borrow so plan b open the gates that sure to bring growth and it has for the building industry but many retailers are on their knees even with new immigration . So now to maintain our life style so we sell off our assets to foreign interests.
The working class people in Sydney are moving 30/40 kms form their work now , crossing from one side of the city to the other.
Your so called list of wealthy countries are nothing more than a representation of the the top 5% the rest are living day to day trying to make ends meet and governments printing money to the support the mirage. I know I have a strong connection with Europe.
Its ok to force people to move away, but why doesn't government give incentives for business to move closer to the worker .
Regardless, the property market is a creation of government policy and like a druggy it will some need another fix very soon.
My only fear is that government will be more than happy to administer and other dose money devaluation but in the end the only way to get the situation fixed is to go into withdrawal and as painful as this may be,
the market will better reflect reality.
