Housing Prices Dip Amid Tax Changes | Australia News

Housing prices took a major hit in June, with the national market dropping 0.4% — the biggest monthly fall since last December — as Sydney plunged 1.2% and Melbourne followed close behind. Experts point to rising rates, cost-of-living pressures, and looming tax changes as key drivers. The government’s planned July reforms, including scrapping the 50% capital gains discount and ending negative gearing, are defended by Housing Minister Clare O’Neil, who insists Treasury models show only minor affordability impacts. But the opposition labels it a “trifecta failure,” accusing the government of hurting buyers, renters, and market confidence. Prime Minister Albanese backs Treasury’s projections, arguing the changes will help first-home buyers by reducing investor competition, while dismissing dire forecasts. Meanwhile, some markets like Cairns buck the trend, showing resilience amid the national slowdown. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/d4ede6c44672228b