Former RBA governor Glenn Stevens has Sydney’s property market back on his mind

Former RBA governor Glenn Stevens. Digital mischief: Peter Farquhar

Less than six months after leaving his post as Reserve Bank of Australia governor, Glenn Stevens has Sydney’s property market on his mind once again, accepting an advisory role with the New South Wales government to tackle housing affordability issues in the state.

“Housing affordability is a growing challenge for many residents of New South Wales and I look forward to working with the government on measures that might help address it,” Stevens said in a statement from premier Gladys Berejiklian announcing his appointment.

“I am pleased that the government has indicated it has an open mind when it comes to reviewing existing and new avenues of dealing with the issue.”

Berejiklian said his “invaluable” advice will help them assess effective measures “while avoiding any unforeseen consequences”.

“The NSW Government understands that housing affordability is top of mind for many people across the state — that is why we have made it a key priority and why we have asked Glenn Stevens to lend his expertise.”

House prices in Stevens’ home town increased by over 16% last year, according to data released by CoreLogic, and have now doubled from the levels seen in early 2009.

In the past four weeks alone, CoreLogic reports that the median Sydney dwelling price increased by a further 2.4%.