I'm not sure I really see a correlation. Real Residential property price growth vs. population growth in 5 year increments:
2018-2023: 5.7% price growth; 11% population growth
2013-2018: 45% price growth; 5.7% population growth
2008-2013: 9.2% price growth; 5.4% population growth
2003-2008: 43% price growth; 5.4% population growth
1998-2003: 23% price growth; 4.6% population growth
1993-1998: -5% price growth; 5.2% population growth
1988-1993: 0% price growth; 7.1% population growth
1983-1988: 35% price growth; 5.5% population growth
The fastest price growth has been in periods of lower population growth. And for all the attention house prices are getting now, the last 5 years has seen the slowest growth in Real property prices in nearly 3 decades.
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