“A buyers market”: House prices plummet in Melbourne’s west

Suburbs in Melbourne’s west have experienced a sharp decrease in house prices in the past three months. Melbourne’s west is opening up to new home buyers as prices in the region plummet. Suburbs in Melbourne’s west, home to many of the city’s most affordable property markets, have experienced a sharp decrease in house prices in the past three months following the federal budget in May. It’s an early positive sign for Albanese government hopes first-home buyers would be able to access a home for less in the aftermath of significant changes to property investor tax benefits that have effectively barred them from negative gearing for established homes — and vastly decreased the benefits for capital gains tax discounting unless they buy a new build. When the federal budget was handed down in May, Mr Albanese said the goal was to give “more Australians the opportunity to own their own home by making our tax system fairer”. “Our tax changes will help around 75,000 homeowners into the market over the next decade and are part of a package of housing reforms in this budget that will boost housing supply,” Mr Albanese said. Building approvals and recent home loan data from the Australian Bur...