A large downward correction in residential building is underway, and should endure to June 2024.

The current downswing cycle was driven by low occupant demand during low migration period and exacerbated 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 surge in net overseas migration.

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