On the world stage, Australian cities have been punching above their weight in global indexes of housing prices, sparking heated debates about the causes of and remedies for, sustained house price inflation. This paper examines the evidence base underpinning such debates, and the policy claims made by key commentators and stakeholders. With reference to the wider context of Australia’s housing market over a 20 year period, as well as an in depth analysis of a research paper by Australia’s central Reserve Bank, we show how economic theories commonly position land use planning as a primary driver of new supply constraints but overlook other explanations for housing market behavior. In doing so, we offer an alternative understanding of urban housing markets and land use planning interventions as a basis for more effective policy intervention in Australian and other world cities.

在世界舞台上，澳大利亚城市一直在全球房价指数上大打出手，引发了有关持续房价上涨的原因和补救措施的激烈辩论。本文研究了支持此类辩论的证据基础，以及主要评论员和利益相关者的政策主张。参照20年来澳大利亚住房市场的广阔背景，以及澳大利亚中央储备银行对研究论文的深入分析，我们展示了经济理论通常如何将土地使用规划定位为新供应的主要驱动力约束，但忽略了对住房市场行为的其他解释。在这样做，