The billionaire class and their parliamentary representatives, including the Pauline Hanson’s One Nation Party, argue that “mass migration” is responsible for the housing crisis and forcing Australians to pay more.

But there is no evidence to support such claims, which are really racist dog whistles to manipulate people’s housing insecurity fears.

The Australia Institute (TAI) found that, from 2014 to 2024, the number of new homes rose by 19%, outpacing population growth of 16%. Going back further, from 2001 to 2021, the population grew by 34% while new homes rose by 39%.

For young people trying to put down a deposit, however, there is a clear shortage of affordable homes and prices continue to rise.

Richard Denniss, TAI co-chief executive, wrote in The Point that the crisis is being driven by an oversupply of housing investors. “Just as we can separate demand for housing into two categories: demand from property investors and demand from first home buyers, we can do the same with supply.

“One source of supply of housing for owner-occupiers is the construction of new houses. This is the source that most commentators seem to talk about, but it’s relatively small.

“The other source of supply of housing for owner-occupiers is the giant pool of houses owned by the property investors who are so convinced that house prices will keep rising........

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