Not to mention that the skilled migration program that the Federal Government is running (while we have some of the lowest wage growth, and some of the highest levels of underemployment and labour underutilisation in our history mind you) is absolutely massive - one of the largest in the developed world in proportion of our population. NZ is right up there with us in that too.

Nothing like huge population growth to keep the demand for housing up. Sadly the discussion has been so poisoned by the racists and xenophobes (like One Nation etc.) that we can no longer have a rational conversation about it...