Labor wipes $34.1bn from housing

Labor wipes $34.1bn from housing

The latest ABS dwelling stock data shows the housing nightmare Labor and their tax hikes on housing and everything else have delivered.

The total value of Australian residential property fell by $34.1 billion (or 0.3 per cent).

The ABS stated this was the first fall in the dwelling stock since the September quarter 2022, driven by “recent softening in housing market conditions.”

Labor promised its new housing taxes would make it easier for first home buyers to get into the market. Instead, new housing is drying up and there are fewer loans to owner occupiers.

Labor’s higher taxes on housing is delivering fewer homes. This is not rocket science.

Labor said these changes would help first home buyers. Instead, they have created uncertainty in the market at precisely the time Australia desperately needs more housing investment.

Australians need more homes, not more taxes on housing.

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