Whatever you now seek from life, London now offers.
And for Australia?
There are some clear parallels with Australia here.
Adequate and appropriate dwelling construction is clearly an issue for some locations, particularly with Australia's population continuing to grow at a rate of above 1.5% per annum or close to 400,000 persons per year.
Similarly, previously unpopular suburbs located close to key employment hubs and capital city centres will gradually become more popular as affordability issues bite. Just as in London, though, few will want to venture too far from where the action is.
The role of foreign investment capital is debated in Australia. Clearly many new developments are sold very quickly to investors from Asia as highlighted by Meriton's Harrgy Triguboff when he stated that 70% of his units were sold to Chinese investors. However, established dwellings should under normal circumstances be bought by Australian residents.
As for the yield gap, Australia's mortgage rates have not yet fallen to anything like the same level as currently being seen in Britain, although there have been signs that banks are competing for business with the most recent interest rate cut being passed on in full by some lenders.
The official cash rate in Australia at 2.50% remains two full percentage points higher than the level set by the Bank of England, although with Australian economic growth slowing and unemployment threatening to tick up towards 6%, it is deemed likely by futures markets that there will be a further cut in this interest rate cycle.