As for Sydney specifically, it is actually very space constrained. With the ocean on one side, and the Blue Mountains on the other side, there actually isn't a lot of room for expansion.
Melbourne has vast swathes of open land in all directions, and housing prices are nearly the same.
I asked the question to a friend, and he replied that I just don't get it: the people who already have houses aren't interested in reducing the value of them. Almost all federal politicians have multiple properties. Why would they legislate to do that? So we have negative gearing that will never get solved, lots of foreign purchasing driving up prices, and no-one willing to pull the pin out of the electoral grenade and start dealing with our housing bubble.
While Melbourne doesn't have any shortage of land to build out into it is getting very far away from the inner city.
As long as you are happy to drive everywhere and can find a suburban job or are prepared to make long commutes there is plenty of relatively cheap housing to be had.
Melbourne has vast swathes of open land in all directions, and housing prices are nearly the same.
I asked the question to a friend, and he replied that I just don't get it: the people who already have houses aren't interested in reducing the value of them. Almost all federal politicians have multiple properties. Why would they legislate to do that? So we have negative gearing that will never get solved, lots of foreign purchasing driving up prices, and no-one willing to pull the pin out of the electoral grenade and start dealing with our housing bubble.