"However how this will affect our children or grandchildren is difficult to predict"

The ramped-up property prices, which continue unabated in capitals like Sydney, haven't been noted by the leftist collective?

<<which continue unabated in capitals like Sydney>> Beach you are obviously not familiar with the Sydney property market. In fact over the past couple of months there has been a cooling off of prices in Sydney. Many have feared that the bubble may burst, resulting in falling prices, this has not been the case, but unsustainable annual growth of 15%-20% seems to have evaporated.

“…looking at indicators of domestic buyer demand, Sydney house price growth looks set to slow over the next eighteen months. For example, ‘time to buy a dwelling in New South Wales’ fell to its lowest level since 1989 in August, likely reflecting affordability concerns (Figure 2). Combined with macro-prudential measures to limit investor housing credit growth, we expect Sydney house price growth to slow to 7% y/y in 2016, from 18% y/y in 2015.”

The "leftist collective" as you put it, is well aware of the unsustainability of property demand in Sydney. Just as we are aware of the Baird governments pocketing of a windfall $863m extra in property stamp duty, and its failure to put even one extra cent of this windfall into public housing, which is in critical short supply.
The Baird government is continuing with its unplanned ad hoc approach to development, particularly in Sydney and that may well be the biggest failure that future generations are forced to cope with. Grid locked toll roads, a tangle of a public transport system, inadequacy in housing, hospitals and schools etc. Typical conservatives letting the market have its way.

http://www.smh.com.au/nsw/863m-stamp-duty-windfall-for-nsw-government-on-back-of-asset-sales-and-property-20151214-glmy0u.html

How utterly ridiculous.

Sydney for me was always somewhere to get away from, if one had the chance, like a holiday.

Perhaps the real culprits are the taxing and regulating
activities of Australian Governments?

Dear Hasbeen,

1.5 billion Chinese don't see it as a place to get away from. And the Chinese will be quite happy if the dumb Aussies (an expression among the Chinese in Australia) keep selling pieces of the country to them and allowing them to eventually become the largest Australian ethnic group. Soon, unless you're Chinese, Australia will be become that somewhere to get away from.

Paul1405,

There is no top to what wealthy Chinese and other Asians will pay for those units and there is no quelling the demand. The demand is tied to a whole range of other drives (and not always so honest) of those investors.

Haven't the chai soy latte Hipsters noticed the millionaire apartments that are replacing those previously gentrified(sic) inner city 'burbs so adored by the said Hipsters who vote green to assuage their guilty consciences over their own materialism and consumption?