Sydney property transactions include Elizabeth Bay apartment and Crown Residences unit

An Edwardian-era harbourside apartment in Elizabeth Bay with house-like proportions, heritage features and proximity to Rushcutters Bay Park passed in at $2.2 million at auction on Saturday according to the Sydney Morning Herald property report.

A fruit and veg supplier purchased a unit at Crown Residences for about $9.5 million over 24 hours as detailed in the same property coverage.

The Sydney Morning Herald property section states that a typical Sydney home owner sells up in around a decade while in some sought-after neighbourhoods owners stay almost three times as long.

The ABC report on property tax changes notes that property has been boosted for three decades by a cocktail of tax breaks, declining interest rates and population growth that guaranteed demand always outstripped supply.

Affordability was close to topping out and unless born into a property-owning family chances of owning real estate were rapidly diminishing according to the ABC analysis.

Calls continue for changes to negative gearing and capital gains tax settings with references to earlier reforms by Paul Keating including introduction of capital gains tax and fringe benefits tax.

Treasurer Jim Chalmers held a roundtable summit last year on productivity and the ABC report links property tax settings to broader productivity concerns across the developed world.

The same ABC coverage states that almost every major tax reform proposal since the turn of the century has either been squibbed or abolished by later governments.

Sources: perplexity-sonar, abc.net.au.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.