Tax and legal advice

Negative gearing changes could see values slump by 6%

By Reporter

A new report has suggested that changes to negative gearing policy could push rents up dramatically, while simultaneously putting a dampener on property values. 

The report from BIS Shrapnel, predicting that changes to negative gearing could push unit rents up by as much as ten per cent and reduce unit values by 6 per cent by 2026, has reignited fears that proposed policy changes will be detrimental to the property market.

However, questions over its commissioning have raised doubts as to its accuracy.

The Economic Impact of Limiting the Tax Deductibility of Negatively Geared Residential Investment Properties estimates that unit renters in Melbourne and Adelaide will bear the brunt of any rental increases, with rents to increase by 9.6 per cent and 10 per cent respectively according to figures reported by Fairfax Media.

Sydney would cop the largest reduction in unit values, values falling from $873,000 at what the company terms “full negative gearing” to $820,000 at “limited negative gearing” - a difference of 6.1 per cent.

The report was compiled using modelling based on changes to investor tax concessions, changes that resemble the Labor Party's proposals on negative gearing.

According to an executive summary issued by the company, BIS Shrapnel based its findings on an alternative case that assumes the following: 

• Abolition for established dwellings – removal of tax deductibility of losses on established
residential property against general income

• New properties exempt – the change applies to established dwellings only; new dwellings
continue to attract concession as per usual

• Grandfathering – the new policy applies to purchases of property made on or after 1 July
2016, but purchases of property made before 1 July 2016 would not be affected

• Deductibility within property portfolio – no restriction on negative gearing deductions
against another property owned by the same taxpayer

• No change to related taxes – capital gains tax and stamp duty remain unchanged

• No change to other asset classes – negative gearing offset remains for shares, etc.

However, Shadow Treasurer Chris Bowen released a statement on Wednesday slamming the report’s analysis of changes that are “purporting to be Labor policy”.

“It ain’t Labor’s policy. It isn’t modelling. And it is not analysis that stands up to any scrutiny,” the statement said.

“The report is full of incorrect and quite frankly bizarre assumptions.”

BIS Shrapnel has refused to disclose the identity of the report’s commissioning body, leading Labor to raise questions about the report’s independence.

“And by the way, who was the private client who commissioned it?” Mr Bowen said.

The report's release has prompted the Real Estate Institute of Queensland (REIQ) to reiterate its opposition to Labor's current proposed changes to negative gearing

“The BIS Shrapnel report confirms what the REIQ has been saying all along – that investors would abandon property as an asset class, causing rents to rise and housing affordability to be crippled,” REIQ CEO Antonia Mercorella said.

“Any changes to negative gearing would be disastrous in Queensland, pushing thousands of families into financial distress as rents rise as the predictable result of diminishing supply.”

The release of the report is the latest development in an ongoing saga that has dominated headlines and parliamentary sitting times in recent weeks, following ALP leader Bill Shorten’s announcement that a Labor government would restrict negative gearing to new builds only.

Read more: 

What's making headlines? 

How I turned $4,500 into a multimillion-dollar portfolio 

Smaller cities set to lead price growth 

10 questions to consider before before investing in property 

What property investors need to know about credit scores 

 

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podcast

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With the softening market impacting property values in many parts of Australia, Sally Dale, Opteon state director for NSW, ACT and Qld joins us to discuss the importance of valuations in the current property market

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Joining host Phil Tarrant, Sally will draw on her 25 years of experience in valuation and discuss the processes involved in arriving at a value for a particular property. She will also share how that process differs between commercial and residential properties and the difficulties which regional property valuations can present.

Sally will unpack the importance and cost of regular valuations on your properties, discuss whether presentation and owner input can sway a valuation and share what you should look for when seeking a reputable property valuer.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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A softening market can be a difficult time for a property investor with finance approval tightening and property capital growth slowing, and while many real estate agents are also feeling the squeeze McGrath Brighton Le Sands' Bill Tsounias claims it is simply the market returning to normal.

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In this episode of the Smart Property Investment Show, Bill joins host Phil Tarrant to share his thoughts on the current Sydney property market, and to share the shifts that he has seen in house and unit sale prices following their worst quarter in the past decade.

Bill will unpack why properties are spending longer on market, share what he believes property investors are doing wrong when trying to sell their properties and share the secrets to getting the best out of a real estate agent and an auction in the current softening market.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Gavin Kemp and his now-fiancé bought their first property together after only six months of dating. They weren’t even living together at the time. Now, two years on, the pair have bought five properties, sold two and have a solid plan in place for their ongoing property journey. 

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In this episode of the Smart Property Investment Show, Gavin joins host Phil Tarrant to discuss how he chose the locations where he decided to invest and how, due to the initial lack of education (something that he now values highly), he lost money on his first two investments.

Gavin will share his thoughts on the current property market, reveal the people who he has leaned on throughout his property journey and discuss why his strategy employs a zero procrastination rule.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Launceston
Raceview

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A joint property portfolio before they were even living together

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