The physical structure is not that valuable in Australia. It's the land its on. You can get a house of some description in Australia for very cheap. It just won't be in the nice inner city areas. It'll be an outer suburb with dismal public transport access so very few people want to live there. The majority of Australians would rather live in a crumbling shitbox if it's within 20 minutes train distance to the CBD over a large house in the outer areas which involve a 2 hour train trip each way.

International students in particular will only consider the CBD as acceptable and will pay whatever it costs to live in this roughly 1 square kilometer area.