Via Bloomie:
…there are at least 80,000 reasons to suggest there’ll be no rapid rebound as the worst housing slump in a generation spreads deeper into the economy. That’s how many apartments were completed in recent years in Sydney — adding about 5% to the housing stock — while Melbourne and Brisbane have also seen relatively large additions, according to the Reserve Bank.
That raises the question: Who’s going to soak up all that new supply? On a recent Saturday morning in Wentworth Point, a suburb of high-rise apartments in west Sydney that largely sprung up during a five-year housing boom, the hordes of potential buyers seen at the peak has slowed to a trickle.
