I've also wondered why the property boom (bubble) refuses to burst in Australia whist the younger generation fret that they will never have a chance to afford their own home (an Australian dream)?
I've been nursing a theory about these two seemingly unrelated events.
In the wake of Mossak Fonseca revelations, it now seems quite a credible theory.
The kleptocrats are transferring their hoard of stolen public money into real estate. The kleptocrats of China for example, understand that the value of money can fluctuate but real estate ie Australia, as the name implies is REAL wealth with value that doesn't fluctuate.
http://www.businessinsider.com.au/how-the-chinese-kleptrocracy-works-2012-6?r=US&IR=T
Read more about kleptocracy at links below
https://www.theguardian.com/business/2016/may/08/offshore-finance-emerging-countries-russia-david-cameron-summit
http://www.theguardian.com/world/2016/may/07/10bn-dollar-question-marcos-millions-nick-davies
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