Housing Minister Clare O'Neil says the recent dip in auction clearance rates is a 'correction' in the housing market. Last week, auction clearance rates fell to 47 per cent nationally, which property data firm Cotality says is partly due to Labor's plan to reintroduce tax breaks for property investors. This comes amid the backdrop of the government securing a deal to pass its tax reforms, limiting negative gearing and the CGT to new builds only and replacing the existing 50% CGT discount with a model that's hinged on real gains minus inflation.
