building approvals

Have we all noticed that building/dwelling approvals are dropping like a stone - NSW the worst. Hardly surprising, given the cost of materials, fixed price contracts now history and no end of stories about builders going broke and leaving their clients up ship creek without a paddle.
In any case, this does not bode well for leveling the supply deficit or a significant retrace of housing prices. So, if the reserve begins dropping interest rates from early 2025, and employment remains stable, then we might see the market gain some heat.