Recent surveys suggest that a high proportion of new stock in the most populous cities is sold to foreign investors.
Theoretically, skilled workers could be brought in from overseas, but either way, there is likely to be a cost attached to the skills shortage.
Only Sydney is showing any vital signs in this sector, despite a chronic oversupply of airtime having been awarded to the television renovation show space.
Overall, building approvals and construction are responding very strongly to low interest rates.
However, it appears likely that there will be to be a limit to how much residential construction can be undertaken in a cost-effective manner before capacity is stretched, with wages and materials inflation set to bite.
Historically, increases in dwelling investment in previous cycles have put intense pressure on the supply of available building materials leading to a sharp inflation in the cost of newly built homes.