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
