Learn the everything you need to know about hundreds of projects from throughout Australia. We’ve got the insider information to ensure that you choose the apartment, townhouse or house and land project that suits you and your lifestyle.
This is independent editorial content written by a PropertyMash Journalist. While we try to ensure all information is as accurate as possible, please double check with the developer or real estate agent directly before making a purchasing decision. The information contained within this article may be incorrect or out of date.
Federal Treasurer Scott Morrison has announced that the government will stand by its negative gearing policy, during a meeting with state and federal treasurers.
Mr Morrison argues that the removal of negative gearing would decrease rental stock and push rents up, impacting low-income residents the most. Counter-arguments have often remarked that the incentive makes purchasing a property too competitive for first-home buyers.
The government is instead seeking other means to drive private investment into affordable housing, as Sydney’s median dwelling price climbs to $845,000. Brisbane in contrast has an average dwelling price of $485,000, the most affordable of the eastern states and territories.
Shadow Treasurer Chris Bowen has accused the government with being out-of-touch with younger Australians who are struggling to enter the market. “[Mr Morrison is] more concerned at defending tax concessions for investors … than he is for a renter or young family saving for their first home.”
Negative gearing is used to offset losses on assets, by using the amount lost to lower taxable income. An example would be that an investor who earns a salary of $90,000 and has a property that makes an annual loss of $1,200, can use that loss to bring their taxable income to $88,800.
Sources:
The Real Estate Conversation – Scott Morrison says negative gearing rules will stay
Michael Yardney Property Update – Sydney’s population growth has created an undersupply of housing
We would love to hear your thoughts on this project.
Have you visited this project recently, or perhaps you live nearby or bought in a neighbouring building? Tell us what you love about this project, or perhaps what you don't.