Philip MacGregor, who runs one of Sydney’s biggest residential building materials suppliers, says the worsening shortage of timber, steel and other supplies hitting his industry is simply “overwhelming”.

Over the past 35 years, MacGregor has been at the front line of the city’s busts and booms – including the 1990s construction frenzy that led up to the 2000 Olympics and the post-GFC pink batts installation surge of early 2009.