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The entire Australian housemarket is starting to get that way, not just Sydney. Anywhere you go, places are selling for well over reserve. It's starting to get extremely competitive and people are putting themselves in massive debt over it (via a large mortgage, assuming, they are taking out a loan).
I know it's totally different dynamics/area/currency but seeing the cheaper house market over here is crazy. Not to mention, land is cheap (and rising at a decent rate).
Oversupply to constrained demand. The market bubble on the States went nuclear in 2008, and the prices were driven to unprecedented lows as a consequence. The housing you are seeing us priced low because the homeleas family living in the park nearby lost their jobs and couldn't pay the mortgage.