here is a surge in the housing market of Sydney (as discussed during lecture tutorials through various articles published in leading dailies). (here is a link to an article https://drive.google.com/file/d/1-a96INeItnoi02-dsPLSzfwdtGbW8kmK/view?usp=sharing)

What are the factors driving demand for housing?

What is happening to the housing supply amidst record high prices of land and construction?

How is the phenomenon impacting equilibrium price, quantity demanded, and quantity supplied? Explain with the help of appropriate graphs.