Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

It is a fact that Sydney house prices have experienced some volatility. Having been raised in Sydney, I know that that has been the case in the entire post-war period. Sydney house prices experienced huge rises over the recent period and there has been some easing in the house prices in Sydney. The beneficial effect of that is that it makes it easier for new home purchasers to buy a home. When house prices go up, Senator Carr whinges about affordability; when they go down, Senator Hutchins complains about house prices falling. This is typical of the Labor Party. If they go up, they complain; if they go down, they complain. The fact is that, in Sydney, house prices will sometimes go up and will sometimes go down. The virtue of some easing in Sydney house prices is that more young Australian couples will be able to afford a house.