A large downward correction in residential building is underway, and should persist for another six months.

The current downswing cycle was driven by the end of HomeBuilder scheme and rising interest rates.

Occupant demand is now rising to an unprecedented amount, as a result of a post-pandemic gush in net overseas migration.

The build-up of unmet demand, and need to address it, plus expected cuts in interest rates in second half of 2024, will trigger the next housing upturn from late 2024.