How Japan opted out of a global housing crisis

Australia’s housing market is, like many places in the Western world, in the midst of a crisis that feels like it will never be solved. Owning a property in an Australian city has only drifted further out of reach for most Australians in the last decade, and there are very few practical solutions on offer. Is it possible to actually unpick this situation?

Japan offers a useful example. Thirty years ago, property in Tokyo was the most expensive in the world. Today, home ownership in that same city is comparatively affordable, with plenty of available stock on the market. How was this massive turnaround achieved, and how can other countries learn from the Japanese model?