Less than two years ago the housing affordability crisis was labelled “the biggest issue” for people across NSW.
And yet despite being flagged as a top priority by Gladys Berejiklian when she became premier, there was little new announced to address the issue at the state budget on Tuesday.
Soaring house prices in recent years saw a $4.3 billion housing affordability package put front and centre in last year’s budget.
This included measures to give first-home buyers a leg up, such as abolishing stamp duty for properties under $650,000, and other measures to make it harder for investors and foreign buyers to purchase.
This year, after growing by about 80 per cent since 2012, Sydney house prices took their biggest hit since 2015, with a 2.6 per cent drop over the last quarter.
Now that the housing market is cooling the NSW government appears to have hit the brakes on new measures to improve housing affordability.
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