This week marks the end of a financial year unlike any other for residential property in  Australia.

Prices reached unprecedented heights, stamp duty revenue likewise, only for normal service to resume in recent weeks and months as price growth and clearance rates have  eased.

There is significant value on offer in the current market and discerning buyers are responding to well-priced properties in this traditionally quieter winter period.

Some commentators persist in forecasting dramatic drops in prices but we don’t subscribe to that theory. Buyers may be increasingly taking a cautious approach but  underlying demand remains strong.

It will be interesting to see if spring brings its typical uplift in activity. Vendors considering a spring listing should be speaking to agents now.

The generational change promised by the NSW Budget was underwhelming to say the  least. The reforms are set to impact only select people in the first home buyer cohort.

As a solution to the issue of housing affordability, the Government’s plan to affect  broader change is hamstrung by the very narrow scope of reforms.

The REINSW believes there are various strategies which together will begin to address the affordability problem in the state.

Government at all levels has a role to play in increasing the provision of housing supply.  

At the local level, Councils must recognise the position of leadership they’re in. They need to develop a clear vision for what they determine their communities need and want.  

This vision should capture components like housing targets and density and it must encompass the medium to long term. Then, with clarity, and with more appropriate  planning and approval timeframes, the development community can play its role.