From QBELMI:
The upturn in new dwelling activity and dwelling prices is now beginning to run its course. After an extended period in which the Australian residential market has been in aggregate undersupply, record dwelling construction is expected to see many undersupplied markets transition to an oversupply, alleviating the pressure that has driven rises in dwelling construction and prices over the past three to four years.
Sydney and Melbourne led the way through the upturn, with the other capital cities showing more limited growth in new dwelling activity and prices. However, with supply now reaching a level commensurate with population growth, there are signs that the Sydney and Melbourne markets may have peaked, with price growth easing back to the levels of the other capital cities.
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