"In England the figure was about 5% of properties vacant and seeking occupancy.
In the USA it was a staggering 9-12% depending on which city you looked at.
Both of these countries had experiences a development binge which left them woefully over-supplied with houses.
Australia is in the opposite position with very low vacancy rates and insufficient new supply being built."
The stats on the average number of people per household tell us a different story. Australia went from 2.58 in 2001 to 2.49 in 2006. Over the same period America went from 2.58 in 2001, 2.57 in 2006. If the average had remained unchanged here as America, we would have had an oversupply of similar proportions. Shortage is still real, but seems to be borne primarily of consumer sentiment, not an acute shortage. Because of this expect demand has more room to be elastic in face of contracting economy.
