No one, Bears or Bulls, can predict this Oz RE market. What we've got here is an unprecedented game of 'Tug of War' between a multitude of intertwined ropes and players. The triad of teams known as sticky high inflation, rising IR's (real or perceived) and a recessionary influence are each pulling against teams, shortage of supply, high immigration, the liquidation of building companies and the rental crisis. That's seven ropes all pulling in a different direction, notwithstanding, a host of barely visible macro, micro players pulling strings from the sidelines. And then there's the government, which is capable of always winning with the tug of war via their legal rope of powers; should they wish to use it, which could change the dynamic of the RE market overnight. So effectively eight teams with different, but equally powerful pulling power. I've been in the RE sector, man and boy, for well over half a century, and I cannot predict any (short to medium) definitive outcome due to the equal individual strengths they each bring to the game.
