Sydney is entering a "golden decade" of housing growth, with no bubbles in sight, according to Stockland, one of the biggest residential developers in the country.

Chief executive Mark Steinert said the "gross" undersupply of homes will not see Sydney hit market equilibrium for at least another five to six years.

Millions agree with Paul Keating's dictum: "If you're not living in Sydney, you're camping out." Credit:Wolter Peeters

Speaking at the Committee for Economic Development of Australia (CEDA) function in Sydney on Thursday, Mr Steintert said while affordability was definitely an issue, the undersupply of housing in Sydney and, to a lesser extent, Melbourne was "mission critical".

"I do not see that Sydney has a property bubble and the state is not susceptible to 'pop' any time soon," Mr Steinert said.