Australia

This is the needle we need to thread as a nation, and it’s a bloody hard one.

It's essentially impossible. We've been hearing "the housing bubble is going to burst" for what, 30 years now? It's not going to burst because the government won't let it, because if it did the entire country would be completely and utterly fucked because everything is tied up in property. There is no lowering of house prices by any significant amount in our future.

What we need is to cut red tape and ridiculous fees on new developments/builds to encourage building (especially on secondary dwellings/granny flats - there should be ZERO council fees to build a granny flat on your own property) to increase supply, drastically reduce migration temporarily to reduce demand, ban foreign investors - even temporarily, and get rid of the fucking ridiculous 5% deposit mortgages they just introduced.

That's a few very easy things to do that would go a long way to getting things back under control. Prices won't go down, but most of them will stop going up. Inner city/beachside/"exclusive" places etc are always going to go up in price because that's where people want to be the most, and there is no more supply coming for those really.

Another thing that the government need to be doing is building some new big cities, and investing in existing ones to try and make people ok with moving 3 hours from Brisbane for example, because the city there is no longer just a single petrol station, a coles, and a bottle-o.

At the end of the day, if demand keeps outpacing supply at the ever increasing rate that it is now, there's literally no fixing it.