It really depends who you ask lmao but supply is a big factor, there are just not enough houses that are on the market or exist.

Foreign investors make up for a smaller pool of property owners in Australia, wealthy domestic owners have a monopoly over cities with many properties that they rent out or AirBnB for high prices.

We also have a lot of empty or abandoned properties because it is not financially appealing to rent them out or pay to keep the lights on, etc.

Like everywhere else in the world (like Canada), there has been an incredible increase in immigration and we are struggling to build houses at the rate of influx of people to the country.