A spokesman for the NSW housing minister, Tony Kelly, says there are 30,000 lots that were ready and serviced in Sydney, and they are waiting for developers to lodge applications and start building.
Putting that into perspective, only 13,000 new homes were built last year.
So what is going on? Mr Kelly says "Frustration is growing among developers, who say they are being held back by the high cost of land, infrastructure charges and an inability to build enough dwellings on some land blocks to achieve a 20 per cent return."
Or putting it another way, the developers want house prices to go up a fair bit more before they will resume building?
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