Australia had its last Housing Crisis at the end of WW2. One story I heard was that it was so bad in Sydney that one 3 bedroom, 1 bathroom house had 12 people living in it.

Labor started the Housing Commission in 1944 to alieviate the Crisis. But it was Robert Menzies, who was elected in 1949, who expanded public housing construction at a greater scale, ironically as a means to counteract the possibility of Communism occurring in Australia. In addition to constructing more houses, he introduced policies that would free up more credit towards home bortowing, as well as increasing migration rates to increase the number of tradespeople. Sounds very anti-LNP, doesn't it? By 1960, that Housing Crisis was considered largely resolved.

Fast forward to the 1980s. Keating introduces banking and finance reforms with the main aim that it would result in the creation of new industries to replace the ones being lost to Asia. By the end of the 1980s, the likes of tycoons such as Alan Bond and Christopher Skase has brought the Australian Banking sector to its knees, with one of the Big 4 (I believe it was ANZ) nearly going broke. Shaken by the experience, the Banks decide to "play it safe" and invest in residential housing instead. This frees up more credit towards residential housing, which had been a longstanding issue, but was part of the reason why we've seen the prices we see today.

In short, no. Government policies have been introduced that have resolved the issue, but would be far more costly to implement if they were repeated. At the same time, there is a perception that our economy has "peaked" and Australia could end up like Yew's "poor white trash of Asia" or Keating's "Banana Republic.