"property investing does not have much revenues for the state" - maybe you should check out how much stamp duty is in each state these days Joe.
While you are at it, - you should also check out how much CGT is on the federal level on investment properties. - GST paid by Builders, Developers and Tradies for services and construction materials.
It is in the governments best interest in both state and federal level to keep inflating property prices because they get their percentage cut along the way.
