Sophie Foster
Updated 12 May 2026, 4:01am
First published 12 May 2026, 4:00am
Property mogul, Eddie Dilleen, bought 30 properties before he was 30 to create a buffer between his childhood in housing commission and adulthood. Picture: David Swift
A 100-home investor who grew up in housing commission has warned federal budget changes could deepen Australia’s housing divide, entrenching advantages for existing landlords and hitting younger buyers hardest.
Dilleen Property founder Eddie Dilleen said the changes would reshape investor behaviour.
“This is the biggest property shake up in history in terms of a rules and regulations change from the government,” he told The Courier-Mail. “I see this is a tax grab from the government which is idiotic.”
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Eddie Dilleen (pictured with his wife Francesca) now own over 100 properties, working the favourable Australian tax and borrowing environment.
He said any move to grandfather existing investors would widen the gap between those already in the market and those trying to get in.
“Grandfathering them absolutely separates the people that are already in the market compared to the people that are not in the market and pushes them even further apart,” he said.
“Meanwhile people that already own tens or hundreds of investment properties are all protected. I am… one of those that got in before the proposed changes.”
He said that would leave new entrants at a disadvantage.
“Definitely, if they grandfather then it’s just new people that want to invest in property that are hurt, not existing property investors. Unfortunate for new investors, but it is what it is.”
He argued the result would be a system that favours established investors.
“So if anything, it’s hurting the people that are just getting started – that want to build a property portfolio or maybe buy an investment property to help fund their retirement in the future.”
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Mr Dilleen bought this five bedroom duplex in Brassall in Qld (4305) for $410,000 in March 2020.
Mr Dilleen has written a couple of books documenting his experience and sharing tips that changed people’s lives. Picture: Tim Hunter.
Housing Minister Clare O’Neil, speaking in an ABC interview Monday night, said Australia’s housing system was facing long-term pressure, particularly for younger Australians with “serious intergenerational issues” in housing.
She said younger Australians were facing very different challenges to previous generations with the government’s “main game” being to increase housing supply.
Asked about possible changes to housing taxation, including negative gearing and capital gains concessions, she said she would not foreshadow Budget decisions or confirm any specific tax settings.
Seeing one of his Perth’s properties for the first time after having bought it sight unseen.
A four bedroom home at Bowen Mountain was added to his portfolio with its 1.220sq m block for $570,000 in October 2019.
Mr Dilleen said he did not believe the reforms would improve housing affordability, arguing government intervention often had unintended consequences.
“Generally I think when the government tinkers with policies, all they end up doing is pushing prices higher,” he said.
“If they focused on how they can increase supply that would probably help a lot more, such as re-looking at the approval process for building dwellings and making that easier and less painful – that would make developers build more property.”
“Every time in history as far as I’ve studied and seen throughout my property investment journey, any time governments have messed with policies, they’ve always made things worse.”
He said policy changes of this kind often flow through to rents and supply.
“When changes like this happen, there’s always flow-on ripple effects such as increased rents, as many investors put their rent up to compensate the losses.”
“If less people end up selling because they don’t want to get stung with tax, then less stock’s on the market – which could mean even more demand for the stock that is on the market.”
He bought this three bedder at Elizabeth South for $130,000 in 2013 and last asking rent was $285/W during the pandemic.
He bought this six bedroom duplex for $640,000 in Morayfield which had been fetching $233/w rent each in 2015.
Despite uncertainty around the budget, Mr Dilleen said property would remain one of Australia’s strongest long-term wealth-building vehicles.
His advice to younger buyers was simple.
“I would say buy immediately with urgency,” he said. “When we look back in 5–10 or 20 years, the price you pay today will seem cheap as hell.”
“We live in a place that needs inflation around 2 or 3 per cent, so look at any property you’re buying now and calculate how much that will be worth in the next 20 years – even just off inflation alone and it will be well over double the price.”
“Regardless there will always be a way to invest in property in Australia,” he said.
“It will always be worth it because you can leverage into a property asset and the bank will lend you 80 to 90 per cent of the value – which is a far better leverage perspective than investing in shares.”
When his personal borrowing maxed, he turned to buying within superannuation rules, picking up this townhouse in Woodridge where prices have since doubled.
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