karl, we are still living in one of the most affordable cities in the world mate, you are clearly aiming too high for your 1st property, like I said, start with a unit or townhouse and get some equity into it before you worry about 4 bedroom houses, lol.
As far as greed is concerned, I stand by my point that the agents are to blame, not just the investors. We've reached zero population growth in Australia where the the pensioner will soon out number the worker, hence the motto, have 2 children to replace the parents and 1 more for Australia. The baby boomers and to a lesser extent the 'X' gens are smart enough to know that one day the work force will not be able to support the pensioner due to their increasing numbers.....check out some overseas countries where there is no aged pension for that very reason. I'm not going to hang around and expect to get by on a $275 per week pension, I'm going to plan for my future and not rely on Gov handouts which may not even exist by then. That's not greed mate, that's just smart.
Stop your whining and go and get yourself a small unit now because in another 10 years you'll be struggling to afford a semi detached ex trust home in towns like Whyalla or Port Augusta, let alone 10km from the Adelaide CBD.
EDIT:
Ohh, and 1 more thing, if you think that your Super will see you past retirement, you're dreaming. Unless your a politician with a $2 million package waiting for you, you've got no chance. In 10 years the average price of a house will be close to $1 million, by the time you retire that figure will at least quadrupple.......you'll be lucky to buy a new car with your Super money.......so get smart and start planning now.