SQM Research provides some great housing market statistics.
Here is something few would have dared to predict - vacancy rates in Melbourne, getting progressively tighter and tighter every year since 2011.
Still heaps under construction, of course, but still the oversupply risk appears to have dissipated, at least for the time being.
Source: SQM Research
The extent to which offshore investors have left apartments vacant is up for debate.
No doubting the main driver, though - unprecedented and sustained population growth.