The information is readily available via the ABS site. 1996 dwellings = 7,175,237, with 679,165 unoccupied (9.5% vacant) and population 17,752,829. 2001 dwellings = 7,790,079, with 717,872 unoccupied (9.2% vacant) and population 18,769,249. 2006 dwellings = 8,426,559, with 830,376 unoccupied (9.9% vacant) and population 19,855,288. I would estimate that we now have about 9,100,000 dwellings, with 900,000 unoccupied (9.9% vacant) and population 21,000,000. And with 100,000 homeless we have 9 empty properties for every homeless person.
Noel George Butlin wrote a book in 1964 called “Investment in Australian Economic Development 1861-1990”. He wrote about the 1880s era, which was our second largest property bubble. In his book he states the figures demonstrating that the number of dwellings built exceeded the needs of population growth. In 1891, the census vacancy rates was about 7% in both Melbourne and Sydney, which Butlin described as excessive. The average Melbourne property fell 50% during the 1890s, and Sydney prices fell an average of 40%.
Just like the 1880s, financial institutions competed with each other by lending greater amounts of money than their competition. The more they lend, the greater the profits, and the price of properties reflect this. Property prices is determined supply and demand of money, not supply and demand of property itself.
Corydora of Wollstonecraft, Sydney