A simple comparison of percentage change in population, and percentage change in dwellings shows that only a few places in Australia suffer from anything that could be labelled a shortage, while most capital cities show a glut of housing.
Not only that, but the prices continued to rise in 2006-08, the period immediately following the data in the linked table. Looks a lot like a bubble to me. Don't know about you, but I'm waiting for another slump in residential real estate prices next year.
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