If you're talking about stuff like future values of something due to competition for limited resources, then what's important is the majority of people.
And don't over 80% of Australians live in the capitals?
If you're eating smashed avocados in preference to buying your first house, then you've probably got what you consider enough disposable income to be living somewhere that everything's within walking or public-transport distance.
A bit older though ... with kids, getting them to the places kids need to go etc, yeah a car's needed. Not necessarily wanted though ... going back to future supply:demand, without as many currently-young people having that interest in cars & them only being tools to be grudgingly bought ... blah blah youze know the drill.