Despite years of commentary and exhaustive economic analysis into the problems of housing affordability, most governments have steadfastly refused to entertain the need for a nationally coordinated policy approach to housing.

Now, as the market appears to have peaked and banks and regulators are tightening lending conditions to curb market exposure, another Government inquiry into home ownership and housing affordability is underway. But is it all now too late? Traditionally, conservative Federal governments have resisted calls for a housing Ministry on…