Thanks for the feedback on my blog post the other day on dwelling construction and whether Australia has a greater oversupply of dwellings than the US in 2007.
Summarily, dwelling completions have not reached the assumed levels of 47,000 per quarter until recently, so the projected oversupply numbers are flawed, and by a significant margin, even before accounting for demolitions.
Check the data for yourself...you can find it here at ABS Cat 8752.0 - Building Activity, Australia, December 2015.
Obviously if commencements were to continue to track at record levels then eventually there would be an oversupply, albeit a temporary one.
But we aren't there yet.