The big problem, according to the report, is that Sydney property prices are deeply unaffordable on virtually any measure, and that this is down to a number of policy decisions that largely favour existing owners at the expense of those who don't.
Investor incentives, including negative gearing, are one issue. But it's only a small part of the story, and focusing on that is missing the point completely.
The result is not only that young people are priced out of ownership, but they're increasingly being excluded from renting; commutes are increasing, as people are being forced further out; and commercial rents have risen faster and higher than in other Australian capitals.
Oh, and developers are building the wrong kind of properties for a population that's increasingly composed of singletons and childless couples, but the planning regulations prevent higher density housing that's not apartments.
Sure, it's great for investors, but Sydney's share of Australian GDP is shrinking, whilst Melbourne's has actually increased, which suggests that it's having knock-on effects in the economy.
All in all, it's a bit of a mess...
If you're looking for investment tips, there's a discussion that Parramatta, Penrith and Liverpool become secondary centres in a
polycentric city. In fact, Williams suggested Parramatta could be the focus of a new business district, in the same way that the Docklands have been in London over the last twenty or thirty years.
There's
another audio interview at the ABC site, and more at
William's blog.