AMP chief economist Shane Oliver said Australia’s 30-year housing supercycle may
be nearing its end. He cited a reversal in mortgage rates after three decades of
decline toward a sustained upward trend, housing affordability at historic lows,
the removal of most property tax concessions and a political tilt toward tighter
immigration as material headwinds for prices. He added that a persistent housing
shortage remains: building approvals have risen but remain well below the
The government’s annual target of 240,000 new homes.
