20% home price increase in one year?!

How could that possibly be sustainable?

ABS stats just released show that over the last year, median house prices have risen in Melbourne 27.7%, Sydney 21% and Canberra 20.6%.

And how is it that here in Canberra - the "bush capital" - we have prices and rises matching the biggest cities in Australia? That's easy: the ACT Government starved the market of land supply for so long, during the most critical period in the market, and has yet to catch up, that simple supply<->demand economics drove prices up to absurd levels. And it isn't looking likely we'll ever get back to anything like a reasonable level for home prices.