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"Most expensive" by what measure!? ;) Yield, affordability, US$/sqm. And then where do you measure it? The whole country, major metro? I think there's a topic for a whole other thread!! But you've made some good points about justifying "high" (relative to what??) prices and strong...

On page 13 of today's (Feb 20, 2010) Herald Sun - that source of all wisdom and quality, well-researched journalism - is an article entitled "Broady's million-dollar future". My emphasis. There are also photos of 4 houses from disparate suburbs with a median and "Forecast 2019 median"...