Of course, Southern California’s “housing shortage” also eventually proved to be bulltish! –> https://thedepression.org.au/?p=2557
Why is it that the real estate lobby ALWAYS claims high land prices are due to shortages or zoning restrictions, rather than the number one reason: i.e. we are not capturing enough of the land rent for public purposes, therefore leaving more rent to be privately capitalised into higher and higher land prices? And, unfortunately, until the land price bubble bursts, many people believe this little canard!
The RBA, and governments of all persuasions, always seem stupid enough to believe it until it’s too late, too. Is this a case of vested interests–namely the FIRE sector–running rampant over all Australians?