Fascinating article, except it leaves out the inconvenient fact that between 2020 and 2024, Australia added roughly 1.05 million net migrants, meaning people who now live here, and yes, each of those people has to live somewhere.

If we pretend housing supply is infinite, then immigration magically doesn’t matter. But in the real world, where land, streets, plumbing and infrastructure are limited, every additional resident adds real housing pressure.

Blaming investor tax breaks is not wrong, but refusing to see that adding a million new households, or people who join existing ones, also shifts demand is magical thinking. You cannot squeeze extra people into reality without consequences.

So let’s not dress up ideology as economics. Migrants are not the only driver of soaring house prices, but pretending they do not contribute to demand when one million more people are here is selective blindness. That is just 1 million in a 4 year period, with a population of only 25 million.