NSW government reveals budget measures that tackle housing crisis

1510 over here. And you better hiding at 1510. Welcome in at 520. Straight back. When a house goes under the hammer these days, buyers are digging deeper to get their foot in the door. 1,620,000, all done selling, sold. Welcome to America. How is it going to go? So I just. Yeah, I just had to put my foot down. And for every successful bidder, there's dozens more whose dreams remain on hold. It's been years. Ago Conservative Conservative on the fact with the state budget days away, the government says it wants to cut down that weight. These changes are designed to make sure that Australians have first call on the housing stock. New measures announced today include a 1% tax increase on foreign investors. Currently they own .6% of the state's property stock. There will also be $250 million to train more planners and, after this year's scheduled rise to the land tax threshold, a commitment to freeze it in subsequent years. This seems more like a public relations gimmick than actually having a real effect on housing supply. Bidders here at today's auction told me they're pleased the government is talking more about housing, but they also questioned whether these kinds of announcements will have any immediate impact on the price or availability of real estate. Interest rates are quite substantial, people need to take into consideration that interest rates on that investment as well does add up. A proposal which could see taxpayers act as a financial guarantor for development loans is also on the cards. This is not about propping up dodgy developers, this is about driving homes and making sure people have homes. But won't be properly considered until later this year.