Is mass immigration the only thing propping up Australia's Housing Market?

I live in regional NSW where unemployment is somewhat high, in a town that lacks industry.

People that have held property for a long time and have seen explosive amounts of exponential growth over the last 3 decades are obviously somewhat immune to current the current situation.

There are 2 current generations of people today who have just entered or are trying to enter the market.

The ones who have, and the ones who don't.

Obviously the ones who are waiting for Mum and Dad to drop off the perch to take their inheritance will also be somewhat immune.

But everywhere I look I literally see people doing everything they can to keep their loans going. I see young people taking out loans for brand new 5 bedroom homes for their first home, with a Ford Ranger and CX-9 sitting in the driveway. These people have had stagnant wage growth for the better part of a decade.

When these peoples wages haven't kept up with a certain standard of living, they've turned to credit.

With the privatisation of the Commonwealth Bank in 1991 paved the way for complete deregulation of the financial sector. I see some people literally owing $750k while earning a wage working at McDonald's or equivalent.

And then there is the oblivious "House rich, cash poor" people who saw good growth on their family home, start to redraw on that equity to buy boats, motorbikes and jetski's (i wish i was joking).

Seeing all this and by generally talking to people i have realised, it is not Australian Working Families buying property. And there is only so much property that Baby Boomers can buy. I honestly believe immigration is ONE OF the only things holding up Australia's Housing Market and without it, you would easily see a halving of the value.

During recessions, politicians used to reduce immigration numbers. This lessened the impact of a recession on Australian living standards.

However, following the big mining slump of 2012, the Coalition Government kept its foot on the immigration accelerator for the first time during a downturn. Immigration has evolved from an economic supplement to an economic driver.

Im generally curious what people think. I also get alot of the "Property only ever goes up, and people will always invest in housing" rhetoric but honestly i see this continuing until one day it doesn't.