It's currently political suicide to actually implement policies that would reduce house prices by 50%+ so the parties are just putting in those vague statements and making token gestures trying to stabilize house prices.

Unfortunately the majority of voters still own a home (older people more likely to own and more likely to vote) and it's going to be a hard time convincing those people to vote for losing hundreds of thousands of dollars in equity.

It's going to keep getting worse until that balance shifts, I'd estimate another 20-40 years, then we can start voting in policies to reduce housing prices.