The land tax on second homes will be the stealthy killer of those markets that seem otherwise appealing but contain a high percentage of lifestyle properties
Palm Beach in Sydney's north (50 - 70 mins commute ex peak hour) and it doesn't get any nicer in terms of geography... prices have gone nowhere to down for 7 years yet the State government has compounded a nice 2% pa carry and the council a nice round of rates as well. Add to that insurance and maintenance and unless your property is increasing markedly every year you would have to be going backwards very quickly
Cannot imagine Victoria is much different
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