Inner city residential in Sydney and Melbourne looks overpriced to me but you need to consider these external factors. You can buy your way in here. If you are a Chinese in China would you rather live there or buy your way in here. If you are wealthy US or UK citizen isn't it possible you would want to escape their collapsing economies?
Property looks expensive here but consider this, that 250m apartments in Hong Kong can easily go for US$20,000,000.
