I accept everything you have said in your second paragraph - its completely correct. My point is Sydney (and Melbourne) housing is utterly unaffordable for the average wage earner - the current prices don't make sense. The existing punter can't afford a modest house.
House prices can and do go down (the mid 80's in Aus / 2007+ (US / UK) show that).
What I think you are referring to (in your paragraph 2) is a state government actively increasing supply - also necessary if the population is to grow as projected (though they need a job and income to afford any home). At the moment (as allluded to above) average incomes aren't compatible with servicing borrowing costs.
And back to topic - I certainly agree after characters like Eddie Obeid people should think twice (or more than that) before voting for labor.
