Under the Howard Government we have had a mbuttive increase in housing prices, so although interest rates are less the overall payments are higher. Housing affordabillity is down as is affordable family formation.
It's clearly a combination of creating a financial environment conductive to speculative gain but also ultimetly the Howards government sustaining very high immigration rates just as the ALP did. People are bidding up the housing market in livable areas (those with employment and infrastructure) because there is a shortage.
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People will compensate in various ways. They will live with parents longer or stay in a flat longer, they will put of marriage and starting a family, women will extend participation in the workforce so as to keep household income up but therefore reduce the number of children they have.
Government both ALP and Liberals really are incompetent and the media really is remiss. They'll talk about 'economic growth' but ignore the fact we've had negative or minimal GDP per capita growth and they'll talk about houshold incomes but ignore the context of it being the result of participation of females to provide income in the face of increased housing costs.