My understanding is Melbourne is seeing a similar result with people and companies continuing to move out toward Geelong, but I'm not there, so don't know.
I was in Brisbane last week, and that is an amazing city, and it also seems to have lots of room to grow.
Perth is quite a small city, and I believe could easily grow.
Australia doesn’t have the population to start a new major city in the center. There are still multiple cities like Adelaide which could grow instead.
We don't need more high rises, we need more medium density 3-6 story buildings, that gets you more density far cheaper than high rises. Melbourne in particular has a lot of areas that are still single family houses with good public transport walking distance from the CBD, unfortunatley NIMBY's across the full political spectrum don't want this increased density.
At the federal level they want high immigration, but at the local level they don't want immigrants to have anywhere to live in their suburb. Until local and federal policies align one way or the other housing prices will continue to increase.