How did Australia go from a place where most middle-class people could own their own house, to one where even a small apartment is out of reach for so many? 

You can pick your villain. Is it immigrants, investors, Howard and Costello, the big banks, or something else? 

In this episode, ABC business editor Michael Janda identifies the key moments and policies that cemented property as a lucrative investment, creating a mismatch in supply and demand and sending house prices to extraordinarily high levels.