Australia housing bubble

[zipping]

Why do people think we are seeing such high prices for houses particularly in Melb/Syd and other capital cities? Interest rates being low by our standards is one major factor.

Texas is actually doing well economically atm yet its median house price is quite low.

https://www.zillow.com/ca/home-values/

California on the other hand has always had the highest prices in the US

https://www.zillow.com/ca/home-values/

Here is an article on California housing that I believe is a great explanation for what we are seeing in Australia atm.

http://www.lao.ca.gov/reports/2015/f...sing-costs.pdf

Thought it may be a good discussion thread considering the impacts if it were to burst and the Feds seem to be making noises about addressing the issue in the next budget.