FTB's can't be that hard pressed if they're prepared to spend 400K on 2 bed apartments.
The average age of FTB's is at it's lowest level ever.
The percentage of investors buying new property last year was at it's lowest level since the Bacon report.
It's simply market forces.
With 80,000 units built last year, which will be exceeded this year, there's no shortage of property. There's simply a property mania whereby people feel they must buy something somewhere at all costs. People overbidding asking prices by 50K just to avoid a bidding war where the price goes up by 1K! It's a reflection of a society where people must have anything they want instantly.
Stop blaming the banks, govt, investors, estate agents, foreigners and take a look in the mirror.
No one's forcing you to pay these prices!