A 400,000 growth number today should have the same influence to...

A 400,000 growth number today should have the same influence to the property market as a 200,000 growth number when the population was 10 mill.

So given the population growth rates have been averaging around 2% over the last 50 years(when immigration started in earnest) - what happened in the past 3 years to property prices, to my way of thinking, was unusual and extreme.

I think the new factors over the last two or three years were historically low interest rates and the first home owner's grant - plus maybe some money being scared out of the equity markets may have found its way into property.
I also don't underestimate the role rampant property spruiking by the real estate industry and "hot property" tv shows etc.. talking about immigration and population growth
as if it's a new demand driver.

In the 70's and 80's there was high inflation which was the big driver - with wages rising rapidly , the rents and house prices naturally followed... and you still had a similar population growth rate back then, so it made sense back then for the house prices to go up - otherwise you'd pay off a house in 2 years.

Does it make sense that it will now continue - with the higher interest rates and record household debt levels ?