Yep, Australia has a massive real estate bubble, and when it pops, we're screwed. However, despite all the things you mentioned, people are still willing to pay

Yep, Australia has a massive real estate bubble, and when it pops, we're screwed. However, despite all the things you mentioned, people are still willing to pay the pricetag... because those places in the top 10 are nice places to live. If they weren't nice places, they wouldn't be able to leverage the higher prices.