In fact, the number of homes for sale in Australia is surging, alleviating market supply and demand pressures. However, in the long term, the prolonged shortage of new housing supply may support the next real estate boom in Australia. It is anticipated that if the Reserve Bank of Australia cuts interest rates as expected, the property market may experience a wave of growth in the coming years.

Shane Oliver, Chief Economist at AMP, estimates that the housing shortfall may reach approximately 170,000 units by June of next year, considering factors such as restricted housing construction and robust population growth. He emphasizes that the supply shortage will remain a key driving factor, and the imbalance in supply and demand will persist until more new housing projects are completed.

Oliver points out that the supply shortage will help prevent further declines in property prices and eventually drive the next cyclical rebound. He believes that if the Reserve Bank of Australia cuts interest rates as expected later next year, coupled with the ongoing shortage of housing supply, it will be a key factor in the next real estate boom.

However, Carlos Cacho, Chief Economist at Jarden, states that in the short term, a shortage of housing supply alone may not be sufficient to support a rise in property prices; other market conditions also need improvement. He notes that factors such as decreasing lending capacity and an increase in housing supply may make the impact of a shortage in new housing supply on an unstoppable rise in property prices less apparent.

According to data from Eliza Owen, Director of Research at CoreLogic, the estimated lending capacity has decreased by about 30% since the Reserve Bank of Australia began raising interest rates last year. This has led to a decrease in buyer demand due to the impact of high interest rates and affordability constraints, subsequently driving an increase in the total number of listed properties. She suggests that, with high-interest rates persisting, demand may further slow down next year.

Owen also points out that the savings rate for the third quarter of this year has dropped to 1.1%, the lowest level since 2007, significantly lower than the savings rate exceeding 20% during the outbreak of the pandemic. This indicates that deposits used by homebuyers for down payments will decrease, reducing housing demand.

Additionally, according to Oliver's perspective, tightening visa requirements are expected to reduce immigration numbers to 375,000 for this fiscal year and further decrease to 250,000 in 2024-2025. This is expected to ease housing demand. He states that, although immigration numbers are still relatively high, the slowdown in population growth entering the real estate market, whether as renters or buyers, will occur as immigration numbers decrease.