errrrr... Australia is a big place so this isn't as concrete as you've made it sound. There's quite a lot of affordable property, but sure, the handful of places (cities) where a 25 year old can manage to get 150k p/a pre-tax income might also be inaccessible for buying property for a few reasons, one of which are the situation involving investors. However, this kind of person I wouldn't really exclude from being able to live the 'good life' available to Australians, but I get that this is moreso an example of a benchmark esp. related to the demographic of this forum.
Seriously though, many young devs in Australia can live a pretty great life beyond "home ownership" haha. And the average Australia can find decently priced property, just maybe not exactly in the neighbourhood they like most. But I don't think that's the point of property ownership.