Property is a scarce resource in some places. Often the difference is how property is released into the housing markets, and what can be built on it.

For many purposes, Australia and Texas are comparable. Yet Texas has far cheaper housing than Australia. The difference, according to some researchers (and I agree) is that Australia has very complex, overlapping zoning laws and constricted land release; Texas does not.

Another interesting case is Germany. In Germany you have a constitutional right to build a home. Germany has apparently had, in real terms, quite flat house prices for a long time despite not being particularly land-rich compared to places like Texas or Australia.