In 2015, the Reserve Bank of Australia published this article:
https://www.rba.gov.au/publications/bulletin/2015/sep/pdf/bu-0915-3.pdf
The past decade saw a stabilisation of debt-to-income levels,
but also a prolonged period of strong population growth
– underpinned by high immigration – and smaller
household sizes that led to increases in underlying
demand exceeding the supply of new dwellings.
Looking ahead, it seems unlikely that there will be a
return to the rather extreme conditions of the earlier
episode when significant increases in household debt
supported high housing price growth. Nonetheless,
protracted periods of changes in population growth
that are not met by adjustments in dwelling supply
could lead to periods of sizeable changes in housing
price growth.
Which is exactly what happened, predicted 10 years ago.
Its absurd to argue that housing demands from immigration equal to the size of Canberra in A SINGLE year can be met and will not increase house prices.
I just shake my head that anyone could believe that.
Regretably the debate has been clouded by those whose politics won't allow them to accept that there are limits to the benefits of immigration because they see that as being immoral, and that doesn't sit well with the view that they are THE moral people. Anyone who disagrees is a racist and therefore an immoral person whose opinions must not be only rejected, but silenced.