I mostly agree but luxury housing also means larger housing. Larger than smaller or younger families need. This jacks up the price. This is a byproduct of ridiculously expensive compliance laws which make fixed costs on new builds too onerous to justify smaller or cheaper builds. Zoning needs massive reform. NRZ needs to be abolished. Australia has pursued a policy of high immigration for decades. That’s fine, but it requires massive, dense building to keep up with demand. Unfortunately for urban residents, it means the “character” of their neighbourhoods are going to change drastically.