‘Taxing us to death’: John McGrath slams Albanese government over property changes

John McGrath has released the McGrath Report 2027. OPINION Well, we can’t say the past 12 months have been dull. Nor has it been business as usual. In fact, we’ve seen more movement since last year’s McGrath Report than in any period since we started our reporting some 20 years ago. So let’s unpack some of the key issues I believe matter most right now. The market hit a wall There’s no such thing as “one market” in Australian residential property. But it’s fair to say most markets favoured sellers until February/March 2026. Since then, most have swung sharply in favour of buyers. This is my eighth market correction since I entered the industry more than 40 years ago. And it feels like the fastest fall in values I can remember. The data agrees: Australia’s decline is now on-track to outpace the 2022–23 correction. MORE:McGrath’s top 10 NSW suburbs to grow in 2027 The data companies are reporting single-digit falls. Sydney is down 8.6 per cent from its February peak, and 97 per cent of capital city suburbs fell over the three months to end of September 2026. Sydney’s property market is down 8.6 per cent from its February peak. Picture: Destination NSW But I can assure you that on the...