Same situation here in Australia, the prices are completely ludicrous. We bought out of the city just before prices went super crazy, but we couldn't afford to buy in the city even then.
Discussion
Australia is 40 years into a housing bubble created by government policy. They can’t let this thing pop, it would be way worse than Ireland, more like Greece or Cyprus but falling from a higher starting point.
So they keep bringing in immigrants to prop up demand and stifling new builds to suppress supply, and now the leftie government wants to get in to construction which I’m sure their Union mates will love but it’s just going to distort the market even more.
Turning housing into a store of wealth because the money is shit is one of the worst things the fiat system has encumbered us with.