It’s a status symbol as well. I see it as similar to owning the best in class vehicle. Why do people own high end expensive to service Euro cars when they could get an i30? Why service a multi-million dollar mortgage? Because you can and it shows status to others within your circle.
There is also a class divide especially in Sydney, where they look down on those out west. We saw that exemplified with the farcical lockdowns where they (politicians, medical elite, media mouthpieces) targeted residents of Western Sydney.