Why does australia have the highest property prices in the world?

Question

And why do Australian's think they 'have' to own property - even when they can barely afford it?

Answer 1

Shortage of land along the east coast where the population center is. And I guess we "Have" to own property as that is what was drilled into us as kids "grow up, work, get your own house and family".

Answer 2

Australia is a large continent, but only a small portion is currently considered comfortably inhabitable.