If you are living in a house worth 2 million dollars it doesn't put money in your account for food and bills. Unemployment means nothing to the retiree who doesn't have a source of income except low value bank interest or dividends etc. Their home is their castle and should never be forced to sell. Rates increases down south in areas like Dunsborough already have done this which is shameful.
Negative gearing is fine in concept but they just needed to place some restrictions or it must be a registered business ie no more than one negative geared property without it becoming a registered business and not negative gearing. You can have the best of both imo. Crazy overseas investing is what drove the house prices up. Perth prices are still 20% lower than 7 years ago though.
