Let's take a look at the state level trends in three very short parts.
Part 1 - Net overseas migration
Yes, there has clearly been some localised overbuilding of apartments, yet partly as a result of the multiplier effect of residential construction annual net interstate migration is now at record levels and rising at more than +10,000.
Part 3 - State population growth
Population growth going forward will be driven by a projected surge in international students which will mainly impact the largest capital cities, while analysis by the ABS has also found that more than 80 per cent of those migrating overseas return to Australia within one year raising question marks over the relevance of the long term departures data.
The most timely available figures from the Department of Immigration and Border Protection (DIBP) show a significant uplift in estimates for net overseas migration for the year to December 2015 of +196,400.
In other words, according to the Australian Government net overseas migration is already rising again, and is forecast to simply keep on rising to +242,900 for the year to June 2019.
The key driver? Students.