A few thoughts on this;
This happening in England as well
All across the Anglosphere, foreign money, Chinese millionaires and a shortage in supply have driven up prices to the extreme. I was in Vancouver the other day, a small 2 bed costs well over a million dollars.
Chinese Money, in particular, has been hurting Pacific Nations. A friend of mine lives in LA and apparently large numbers of Chinese "investors" have bought up large homes as ways to get their children citizenship.
God knows when this insanity will end.