Population growth picked up during the mining investment boom and, although it subsequently slowed, it is still around ½ percentage point faster than it was before the boom (Graph 4). For some time the rate of home-building did 4 / 14  BIS central bankers' speeches  not respond to the faster population growth; indeed, the response took the better part of a decade.
The rate of home-building has now responded and we are currently adding to the housing stock at a rate not seen for more than two decades. Over time, this will make a difference. It is Melbourne and Sydney where population growth has been the fastest over recent times.