Melbourne undertook more dwelling starts than ever before through last year.
But at the state level there are few signs of a structural oversupply, with the population growing by somewhere close to 150,000 per annum according to the latest estimates.
The New South Wales building boom has been something else, with more than 70,000 dwellings kicked off over the year to September 2017. Wow!
Supply is failing to keep pace in a sense in Sydney, with land prices doubling over the past half decade.
But as more and more residents head north to Queensland as well as to the state's regional centres there will clearly be a glut of apartments in some of Sydney's construction hotspots.
Expect there will be some price discounting on new apartments...