Labor's Proposal to Negative Gearing Changes: What would it mean?

There are lots of expert opinions around about Labor's proposal to make changes to Negative Gearing; strangely they seem to differ in opinion. So would it be good or bad for the economy? 

 
 Investors could be $1000 a year worse off if Labor's negative gearing plan comes into fruition.
 

Labor’s proposal to restrict negative gearing could reignite Sydney and Melbourne’s property booms, according to industry economists.

A plan to limit negative gearing tax benefits to investors who buy new homes and not existing ones threatens to send investors buying up existing real estate before the cut-off date, Domain Group chief economist Andrew Wilson said.

“The end of negative gearing is unprecedented motivation for investors to surge into the market,” Dr Wilson said.

The effect was likely to be felt at the lower end of the established housing market “further pricing first home owners out”.

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Source: Domain.com.au