Ty you may be right and Im wrong. But you need to factor in a couple of extra dynamics on the rental market.
Big oversupply coming in Syd, Melb, Brisbane apartments, means investors will struggle to find tenants, means rents can fall.
Top of the market means people can't afford to buy so number of renters is maximum at the moment. If capital values fall, renters can increasingly move across to become home buyers. Hence no. of renters can fall in a decling market
Renters also more directly a function of income and employment than house prices. A recession in Australia and people can live with parents, move into share houses or whatever to save money and no. of renters contracts.
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