The problem is housing in Australia has been turned into an investment. The Howard government in the 90's gave houses only 50% capital gains tax, which puts it inline with stocks. This has led to rampant speculation in the property market and the idea the price can only ever go up.

Legal reform is still needed though

Negative gearing must be scrapped and the capital gains tax wound back to pre-Howard levels

The speculation on people’s shelter needs to end

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Reforms aside, I agree housing stock must lift. How we can achieve that with such pervasive red tape at the local government level is beyond me

One fairly extreme capitalist approach (Japan’s) was covered in this great summary by ABC Australia (https://www.youtube.com/watch?v=R5pPcV54kiQ)

I don’t think it’s a conspiracy theory to say that Japanification of the west’s economies is here to stay, and we need legal, economic and cultural reform to adapt to the changing needs of our housing

The status quo cannot persist without great pain