'Buy a house in Sydney and you'll be set for life' says the NSW housing minister

Photo: Timothy A. Clary/ AFP/ Getty Images

Sydney house prices have doubled in the past eight years, according to data recently released by CoreLogic.

With that track record, it’s little wonder why many think that it’s never a bad time to buy in Australia’s largest and most expensive housing market.

Anthony Roberts, the newly-appointed New South Wales government housing minister, is among those who share that view.

Go long Sydney property, is pretty much what said at the launch of a new apartment development at Olympic Park earlier today.

“Once you are in the Sydney housing market you are pretty well set then for the rest of your life,” he said.

Now there are many things that you could point out that are troublesome with this statement, but perhaps most worrying is that a government minister believes it strongly enough to say it in public.

Whether you agree with his view or not, it’s worthwhile reminding prospective buyers that past performance is not indicative of future returns, even for Sydney property.

You can read more at the Sydney Morning Herald here.

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