Actually, I live in Adelaide, Australia. I know quite a lot about the technology industry.

Software gets written in a lot of places.

Clearly people are where the jobs are and price pressures respond accordingly. What fuels those price pressures are, IMHO:

1. banks creating near unlimited credit against land which at best eclipses productivity gains leaving workers no better off and rentiers collecting all the gains

2. the rest of the population working out that the game is rigged and piling into real-estate speculation as the only game in town.

I'd have expected someone in a country with a crippling house price bubble in many cities to get this.