Sydney, Melbourne housing markets have bottomed

According to The Australian Financial Review, the housing price downturn is over for Sydney and Melbourne, according to the key property data analysts, who have called the bottom of the market, saying the record return of migrants would bolster prices.
While some housing economists said prices might still have further to fall – if interest rates continued to rise – even those who aren’t yet calling a bottom said the faster than expected return of immigration after the pandemic would underpin the housing market.
“Immigration is going to be stronger than developers anticipated some 12 to 24 months prior, and we saw in the 2000s how unexpected immigration can be a fillip to prices,” said Challenger chief economist Jonathan Kearns, a former head of financial stability at the Reserve Bank.

https://www.afr.com/property/residential/sydney-and-melbourne-housing-markets-have-bottomed-out-sqm-research-20230406-p5cylk