Witty Rejoinder said:

Even Singapore is becoming increasingly unaffordable even with massive public investment in affordable housing because of the simple fact that rising incomes and real wages are more often than not funneled into their homes because people like to have nice things.

I suppose these things are relative, but I’d consider Singapore to be a city with higher economic activity than Sydney, but locals can still buy* a three bedroom apartment for $300000. (Circa 330000 AUD) less than a ten minute train ride from the heart of the city. There’s nothing remotely comparable in Sydney.

• or, rather, obtain a century lease.