Doesn't being in SV mean the top talent is all hoovered up by Google, FB, etc? What about huge rent costs?

Would love to be able to start a startup in Melb, Australia, because it's the most livable city in the world, but the tech scene here in comparison to SV is like living in the Stone Age. Not sure if I'd be better off moving to SV - but interestingly, I met a top CTO/CEO who had moved his company to the Valley and advised against it, because apparently it's very cliquey and it's hard to break into really well established circles, especially as an Aussie, for some reason. I'll definitely get him another coffee at some point in the future to dig into this more.