Sounds like property is still a good investment.
It seems beyond either the wit or the political muscle of Australia's political leaders to set an immigration target, let alone to meet it.
The only things with which the level of immigration seems to have any connection are the revenue needs of universities — starved as they are of government funding — the demands of business for more consumers and cheap labour, and the hunger of the property sector for buyers and renters.
In the 12 months to June 2024, net migration totalled 444,700. Twenty-five years ago, the natural increase was running at 120,000 a year. The babies then would now be looking for a house. Total housing demand now would thus be about 560,000 people.
Dwelling completions in the year to June totalled 177,022. Assuming there are 2.4 people per dwelling, that's an annual housing shortfall of roughly 56,000 units, although it's probably more than that because the 25-year-old families wouldn't be 2.4 yet: they'd mostly still be two.