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Is an increase over previous levels required to qualify as a boom - or is a significant increase over current levels considered a boom? Why would a significant increase over current levels only be classified as "catch up", rather than an actual boom?

ausprop beat me to it .... there is an acknowledged undersupply, the government is handing out $$ (soon to end), borrowing is still easy-ish for employed home buyers - but - the banks are just not lending to the major developers. even developers that have 100% presales are having trouble...