Pursuits
Sydney Housing Market Stalls Over Election Jitters
- Property listings fall 3.6 percent amid policy uncertainty
- Turnbull says Labor plan to end tax perks will see price slump
Houses stand in Sydney, Australia, on Wednesday, Feb. 17, 2016. Australia's opposition Labor Party is proposing scaling back tax breaks for landlords that have helped fuel a 50 percent increase in property prices in capital cities since 2008.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Brigitte Blackman, a real estate agent in inner Sydney, says her property listings have slumped 20 percent from a September peak, and the phones at her Potts Point office are no longer ringing off the hook.
As Australia barrels toward elections on July 2, political uncertainty is weighing on the nation’s A$6.4 trillion ($4.7 trillion) housing market. With tax proposals from the government and opposition muddying the outlook for house prices, sellers are choosing to sit on the sidelines.