Australia’s tax overhaul chills nation’s long love affair with property (opens original article in a new tab)

Australia's tax overhaul targeting property investment tax breaks has led to declining auction rates and expected price drops, impacting investors and first-home buyers.

• Australia's government announced tax reforms ending property investment tax breaks, including scrapping CGT discount and banning negative gearing on existing housing
• Auction clearance rates fell below 50% nationally, with investor activity reduced and property prices expected to drop 5-10%
• 70% of household wealth in Australia is tied to home values, affecting 2 million investment property owners and rentvestors