Cbd is over rated to you but hundreds of thousands of people still commute there to work so living within a reasonable distance is still very desirable.
If you look at major employers like the big 4 banks, consultancy firms, telcos etc they are all pushing staff back into offices around 3 days per week. They have a vested interest in keeping commercial reits stable and have the power to influence the market by bringing staff back into physical premises. There is a huge flow on effect to supporting businesses like cafes, retail businesses, office supplies etc which further fuels demand for commercial premises to continue.
Of course the people buying these properties are not the average home buyer. They're senior managers/executives, business owners, doctors, lawyers etc that are 45+ years old and likely come from an affluent family. These people use their money to buy time. Time is bought by reducing their commute to work.
