00:00It's a contest many feel they can't win.
00:05In Sydney, the hunt for a home is long and the cost is painfully high.
00:10Looking at the two or three bedroom place with probably two bathrooms,
00:15you're not going to get anything under two million around Sydney for that.
00:18Look, it's difficult.
00:19Anyone who's like a first home buyer with interest rates coming down, it's great,
00:22but then, you know, there'll be a surge in like, you know, housing prices.
00:26A new report by Domain predicts Sydney's median house price will rise 7%
00:31to $1.83 million by June next year.
00:36That's an increase of $112,000, more than the national average annual salary.
00:42The government wants to ease the problem by boosting supply.
00:46We need more homes for people to rent. We need more homes for people to own.
00:49Today announcing it will make permanent a 50% land tax discount on build-to-rent projects.
00:55It's hoped private developers will also be able to get back to building infrastructure
01:00such as parks and roads on their land,
01:02after a wait for new guidelines stopped the works for two years.
01:06Time will tell as to whether or not it's successful in delivering increased housing supply,
01:10but one thing's for sure, without the guidelines, you had no chance.
01:14This is a government that can't be bothered to build the infrastructure that Western Sydney needs.
01:18For New South Wales to meet its housing target, 76,000 homes need to be built each year.
01:23At the moment, it's falling dramatically short.
01:27Fewer than 50,000 were approved in the past 12 months.
01:31Many Australians also need help to afford a home.
01:34People going into a lot of debt to try and make the dream happen.
01:39It does leave you questioning whether it's worth it or not.
01:42A crisis that's delivering more questions than answers.
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