Data from Mirvac and Stockland show Labor’s tax changes and rate hikes have created a perfect storm that is now damaging the very thing that will solve housing affordability.
Prime Minister Anthony Albanese and Treasurer Jim Chalmers must have known that house prices would fall – and fall hard – when they announced their changes to property tax settings in the May budget.
After all, the Reserve Bank of Australia had already raised interest rates three times. And the suite of tax changes was designed to push investors out of the market.
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Labor’s tax changes, along with high interest rates and falling prices, are now hitting the property market. But one sector is showing surprising growth.
