Australian housing?

Question

Why are the houses in Australia so expensive?

Answer 1

the house here are so expensive because of raising intrest rates

Answer 2

Our economy is booming, there is a shortage of land coming on to the market, and shortages of tradespeople to cope with the requirements for new housing. There aren't enough houses, people are financially comfortable, so this puts up the price. That is why our interest rates keep going up, to help slow down the price rises.

Answer 3

The economy was booming so as house prices rose to incredible heights. Our dollar is doing the best that it has done in quite some time but how long that will last, thanks to the Americans and their stuffing up of their own economy and the middle east invasion for oil, is anyone's guess. So, now interest rates have risen to combat inflation  and spending and house prices are plummetting. Leaving many people with mortgages that can ill afford them and more than likely should not have been given in the first place.