Today in Question Time, following the Premier and the Treasurer talking up the Government’s record on housing approvals, NSW Greens spokesperson on Housing Jenny Leong MP asked the Premier to explain at what point the increase in housing supply would result in stabilising or reducing housing prices in NSW.
Jenny Leong MP said:
“It just doesn’t add up. We are seeing record levels of housing supply in NSW yet house prices continue to spiral upwards.
“If the Premier has evidence from Treasury showing that increased housing supply has resulted in the mean house price in Sydney being $50,000 lower, as she indicated today in Question Time, we would like to see that modeling.
“There is a lack of logic and a lack of evidence to the Premier’s claim that supply is the best way to address housing affordability. Supply is booming yet house prices are still growing way faster than wages or CPI, putting home ownership out of reach for a huge number of people in NSW.
“The Premier claims they are addressing affordability by increasing supply not just in the city but at Bankstown, Blacktown and Penrith. However a quick search shows that median house prices in these suburbs have risen by at least $300,000 since 2011. Prices in these suburbs have close to doubled but the average wage in this period certainly hasn’t.
“If the Premier is genuinely saying that their answer to addressing housing affordability is to stop house values from increasing, then we’re keen to hear more.