A great deal of talk in the media about housing affordability this week and what should be done about it, including a ream of band aid solutions, mainly targeted at Sydney.
In most locations around Australia, mortgage serviceability is not remotely stretched with mortgage rates available from around 4 per cent - and the ability to fix interest rates at around 4.5 per cent for five years.
Of course, it is true on the other hand that the Sydney housing market is becoming more expensive almost by the week.
But then really, what did people expect with policies which promote such rampaging population growth? That Sydney house prices would fall?
Sydney to 5 million
SQM Research released its latest vacancy rates figures for the month of May 2015 today, which showed Sydney vacancies remaining tight at 1.8 per cent.
Vacancy rates in Canberra have held steady at 1.9 per cent.
Over the three years, asking prices for all Sydney houses are up by 30 per cent and units by 26 per cent.
Despite the Sydney property boom, the latest round of Reserve Bank Board Minutes for June 2015 confirmed that property markets would present no barrier to interest rates being cut once again if required. Asserted the Minutes:
And, indeed, the Reserve Bank shed more light on its thoughts relating to housing:
"Noting that housing price growth in other cities and regional areas had declined over recent months, members discussed the strength and composition of underlying supply and demand conditions in different parts of the housing market.
They also observed that there was a relatively low stock of dwellings for sale in Sydney and Melbourne and that dwellings took only a short time to sell."
The Board Minutes also noted that, just as we looked at in the Housing Finance data here, New South Wales mortgage approvals are now rising sharply for both owner-occupiers and investors.
For Sydney, it seems that all bets are on.