At the moment we have the worst both worlds, demand is too high & supply is too low.
Yeah, supply is low. Apparently there are plenty of new developments in the pipeline that have approval but not being progressed at this time One of the reasons would be finances. Before going ahead developers would want to be reassured that they will make a profit. So they need buyers willing to buy off the plan while interest rates are higher.
p.s. I've got some units in a REIT and they drip feed properties onto the market to keep prices up so that unit holders get distributions rather than operating as a charity.
