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Australians treat property as pension funds. Pretty much every middle class person will have an investment property or holiday house. Airbnbs are popular, less requirements (no tenant rights)/more flexibility from a land lords point of view while also significantly more rent. This removes stock from local workers in favour of tourists.

There’s some tax rules than incentivises investing in property, negative gearing, capital gains.

With Australians holding there wealth in property the government and their core voters don’t want to see property prices reduce,

Australia also has high immigration but not building despite population growth.

Australia is otherwise known as the “Lucky country”, its holding to its reputation. https://en.m.wikipedia.org/wiki/The_Lucky_Country