As we know Australia has the same area as the USA but only 1/15th of the population.
Cities like Los Angeles have natural barriers like the Rockies that limit growth.
Melbourne has wide expansions of flat open land North, West, South and East.
The average urban house price - say 15km from a large city in the USA is 1/3rd that of a similarly located house in Melbourne or Sydney.
The USA does not see houses as investments - just a place to live - that's what we need to do here too.
From 1901 - 1970 the average house price in Australian cities grew by a mere 1%p.a. in real terms. An average house in Melbourne and Sydney cost an average of 2-3x the average gross yearly salary.
What has happened since 1970 is not good - bordering on criminal.
the bubble is 40 years in the making - there's a lot of air that needs to be released and should be allowed to be released.
