Overseas purchasers willing to pay far above market rates are partly responsible, especially in Sydney and Melbourne. The government department responsible for

Overseas purchasers willing to pay far above market rates are partly responsible, especially in Sydney and Melbourne. The government department responsible for making sure foreign investment rules are followed are underfunded and quite ineffectual in enforcing said rules. More info here: http://firb.gov.au/real-estate/ http://firb.gov.au/real-estate/