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SKY-high housing prices have been blamed on everything from foreign investment to greedy Baby Boomers hogging the market.
But according to Prime Minister Malcolm Turnbull there’s a more obvious reason behind unaffordable housing — red tape.
In an interview with The Daily Telegraph, Mr Turnbull said NSW councils were taking too long to approve development applications which he believed was fuelling Sydney’s high housing prices.
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Auctioneer Adrian Bo from McGrath Coogee sold a unit in Randwick, Sydney, for $1.425 million last August Picture: Adam TaylorSource:News Corp Australia