Sydney's median dwelling price has crossed $1.7 million for the first time. The number itself, in a city already familiar with extraordinary property prices, was less consequential than the political conversation it produced.
A new top-of-mind issue
For the first time in two years of polling, housing — not inflation, not energy, not health — was nominated as the single most important issue by voters under forty in the latest Newspoll.
What might actually shift it
Three things, structurally, would shift the trajectory: a sustained increase in completions, a meaningful change to negative-gearing settings, or a decisive reduction in net migration. None has, in the current parliament, attracted majority support.
"The housing market is, in the end, a function of how many homes get built and who is allowed to bid for them."
