Sydney property prices not affected by new stock, parliamentary inquiry hears

A massive boost to Sydney’s housing supply has barely had an impact on sky-high prices, a New South Wales parliamentary inquiry has heard.

The inquiry was held yesterday — on the same day a new Grattan Institute report found dramatic drops in home ownership levels among younger and poorer Australians.

The report argued the best way to address affordability in the long term was to increase the supply of townhouses, terraces and mid-rise apartments in middle ring suburbs, 10-35 kilometres from Sydney’s CBD.

But Shelter NSW’s principal policy officer Adam Farrar told the Upper House inquiry that while supply has been boosted, it had not been enough to “turn around the Titanic”.

“We’ve seen record delivery of housing in NSW, [the Government has] done an excellent job on that front,” he said.

“But it hasn’t done it in a way that’s made any impact on affordability.”

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