The new NSW Premier, Gladys Berejiklian, has made housing affordability one of her main priorities. Specifically, she has made access to home ownership a priority - there is nothing on renters. The Premier said she wanted to make sure every average hard working person can aspire to own their own home. So far, policy ideas that go beyond more supply have not emerged.
The latest Demographia survey finds that Sydney is the second most unaffordable city of 400 cities in 9 countries - just behind Hong Kong. While the methodology which compares median house price to the median income is not the best, and the policy prescription (more land release) aren't one's we'd share, the dimensions of the problem are made clear yet again. Median Sydney prices are 12.1 times median incomes.