At $6.2 trillion, Australia's dwelling stock is now worth more than 3.7 times annual GDP - if measuring a stock versus a flow means anything worthwhile, that is.
NIMBYism in plain sight!
I looked at the Sydney approvals and completions figures by LGA in a bit more detail here back in August, and drew exactly the same conclusion.
The bottom line figures reported that the New South Wales budget swung into a huge surplus, revised up to $3,973 million, with four more years of surplus forecast.
Thanks to a record boom in stamp duty receipts the NSW State Government has moved into a cash positive net debt position for the first time on record.
It would not be a surprise to see stamp duty concessions offered to struggling first homebuyers.