/biz/ - Business & Finance

Hi /biz/
If there's any Aussies on here, I'd like to get your opinion on why the property bubble in Sydney is as ridiculous as it is?
I'm looking for property for me and my gf that is under $600,000 as we're first home buyers and don't want to have to pay off too big a loan and the closest thing we found to Sydney's city centre is Bankstown. In fact, we're seriously considering a move to the Central Coast (which I hate) because of how ridiculous it is to buy atm.
We've already got baby no. 2 on the way and we currently have a two bedroom flat and me and my wife earn slightly below average incomes (I'm a mechanic, my wife is just about to end her hairdressing apprenticeship) but NSW has always been our home and whilst Central Coast is definitely not ideal, it's better then fucking Bankstown.
So anyway, why is the property valued as highly as it is in Sydney and even Melbourne (a mate from VIC paid $850,000 for a house in Oakleigh!)