We have written this piece to argue against those predicting an imminent ‘housing crash’ because the Australian housing market is as oversupplied as the US housing market prior to the global financial crisis of 2008. This analysis is very wrong, there is no supply issue in Australia and vacancy rates remains low at ~3%, compared to peak US housing vacancy rates of ~11%. But the more important point is that this analysis is not that relevant to the future value of the Australian housing market.