Victoria’s tax settings are being blamed for pushing investors out of the state, with Block judge Marty Fox warning a growing number are choosing to renovate or take their money interstate instead.
The Block judge Marty Fox has quit the Victorian investment market.
The high-profile real estate agent offloaded his property to escape what he described as a “failure of leadership” and punishing tax settings.
The move comes as Victorian property owners face a mounting tax burden, with Mr Fox confirming he had sold his Red Hill home and redirected his investment to Queensland.
“People are making one of two decisions,” Mr Fox said.
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“They either stay in their homes and renovate, or they do what I did, they leave.”
Mr Fox said the decision reflected a growing trend of capital leaving the state as investors weigh up the cost of holding property in Victoria.
“When wealth leaves Victoria and gets redeployed into another state, that represents a failure of leadership,” he said.
“It’s capital that could have stayed here, been invested here and contributed to the Victorian economy, but instead it’s going somewhere else.”
He said current settings under the Victorian Allan Labor government were making it increasingly difficult for investors to justify staying in the market.
Premier Jacinta Allan is under pressure to address Victoria’s property tax settings, with industry figures warning current policies are driving investment away. Picture: NCA Newswire / David Geraghty
“Victoria needs to make it attractive for investors to stay,” Mr Fox said.
“At the moment many are selling or buying interstate because the tax settings here simply don’t stack up.”
Mr Fox said if the government wanted to increase housing supply, it needed to focus on incentives rather than penalties.
“If we want more rental supply, we need policies that encourage people to invest in housing, not settings that unintentionally push capital to other states,” he said.
The Block judges Marty Fox and Darren Palmer at the 2026 9 Upfronts
He said tax breaks targeted at new builds could help lift supply.
“A practical step would be incentives for investors buying newly built homes or apartments, that directly increases supply rather than just shifting existing homes around,” Mr Fox said.
More Victorian homeowners are choosing to renovate rather than move, as rising costs and taxes reshape the property market. Picture: NewsWire / Andrew Henshaw
Planning delays were also compounding the issue, he added.
“Planning certainty is critical,” Mr Fox said.
“When approvals take years, projects stall and the homes Victoria desperately needs simply don’t get built.”
Mr Fox said investors remained a key part of the housing system despite growing political pressure.
“Investors aren’t the enemy of housing, they’re a major part of the solution,” he said.
“The challenge is creating a policy environment where investing in Victorian housing makes financial sense again.”
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