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New home sales crash 20% despite tax changes
Published 2 weeks, 6 days ago
Description
New home sales have plummeted 19.3% nationally over three months according to Housing Industry Association data, with Victoria experiencing the steepest decline at 27%. Queensland recorded a 20% drop while Western Australia fared best with an 8.2% decrease. The Albanese government's budget measure to remove negative gearing tax concessions for existing homes while maintaining them for new homes has failed to stimulate new housing construction as intended.
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