They may until you factor in the climate.
I grew up on the North Shore of Sydney & lived in the Northern Districts & Northern Beaches due to the high rents on the North Shore. I moved to Brisbane in 2004 & haven't really considered moving back.
There are some aspects of Sydney that are still attractive and aspects of Brisbane that are not so attractive. Within the next decade when the government finally listens to the majority of residents, South East Queensland, or possibly, the whole of Queensland will have Daylight Saving & one of the few advantages of living in Sydney over Brisbane will no longer exist. However, I'm not moving back to Sydney without a substantial pay increase in the meantime. I know that I would have to pay close to double the price for a similar property in Sydney's west that allowed me the same commute time to the CBD that I currently have in Brisbane. BTW, my employer pays the same salary in Sydney & Brisbane.
