Via our Chris today with permission:
RiskWise Property Research predicts that if Labor comes to power, the situation will get much worse with house prices slumping a further 9 per cent in Sydney and Melbourne as a result of its policies to eliminate negative gearing and hike capital gains tax (CGT) by 50 per cent for anyone who holds assets for 12 months or more. “Extensive RiskWise modelling shows that, nationally, dwelling prices would fall 9 to 12 per cent should the proposed changes to tax legislation be voted through,” the authors conclude…
…Research from CoreLogic shows the share of apartment owners – most of whom are investors – that lose money when they sell their asset has climbed to its highest level nationally since the 1990s before accounting for stamp duty, real estate commissions, mortgage repayments and maintenance costs.