MacroBusiness confuses stocks with flows, declares property demand problem as it cruises around all time highs.

At MB today, apparently 

The data speaks for itself…. Absolutely the Australian property market is facing an acute demand problem.

There are some scary charts, too, with steeply declining lines:

Unfortunately the boys have again confused stocks with flows. You don’t even have to go far if you want to consider this – refer back to their own charts, suitably marked up:

The reality is easy to see with the naked eye, as auction clearances power, rents and capital values hover at all time highs and people paying $150 a week for a mattress on the floor in a shared room:

There is an acute demand problem alright.  Acute excess demand. Otherwise known as critical under supply. 

eta: not everyone is fooled, of course:
October 9, 2020 at 5:50 am
If there is a demand problem it is about as visible as a Tassie Tiger in most postcodes across Australia.
A national vacancy rate of less than 3% with new constructions crunching is not a demand problem.
The problem remains too little supply for a rapidly growing population.
The National Vacancy rate shows how we never caught up.
When the National vacancy rate reaches 5% then we will have a HEALTHY housing market.
Too many people are confusing the Big Australia bleatings of the property sector desperate to open the international borders with reality.
Jumping jack flash
October 9, 2020 at 6:38 am
Too little supply for the rapidly growing debt.
Even though debt is certainly not growing fast enough and hasnt for 10 years, they have a plan.
Debt-fueled demand is a wonderful thing. You can never have enough to keep up with the demand when money is no object.
The Claw
October 9, 2020 at 9:11 am
That is correct
The ever-lucid Pfh007, Jumping Jack Flash and The Claw, keeping it real.