However, all is not quite as it seems.
Part 2 - Dwelling completions: Getting there!
Perth also looks set to join the apartment overbuilding party in due course.
Part 3 - Dwelling commencements: boom!
The number of houses commenced is now rising everywhere except Adelaide.
The above data shows that there has been no such conspiracy and the theories were bogus - as interest rates declined and prices began to rise in this cycle, so too have dwelling approvals and commencements - to the highest level ever recorded.
Of course at the micro and suburb level in our capital cities there do remain obdurate supply constraints.
Some are purely geographical in nature, such as a limited amount of prime location land. Others are related to NIMBYism, obstruction and planning barriers.
Thus while formerly industrial areas such as some of those around Sydney airport or to the south of Brisbane may see countless high-density projects and unit approvals waved through with abandon, we will simply never see a proliferation of high rise approvals in some of Sydney's leafier eastern or lower north shore suburbs.
It has ever been thus. Buyers of residential real estate therefore need to understand which suburbs will always suffer from the latter supply constraints if they want to acquire assets with a genuine scarcity value and thus achieve the results they crave.
Invest in outperforming properties;