Jul 28, 2026 – 5.00amThe budget in May promised to deliver intergenerational equity by overhauling negative gearing and the capital gains tax discount. The idea was to force investors out and, by doing so, let first home buyers in.There has already been some effect on prices – according to Cotality, Sydney prices dropped 1.2 per cent, and Melbourne by 1 per cent, last month.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Jessica PennyWealth reporterJessica Penny is a wealth reporter for The Australian Financial Review in the Sydney newsroom. Email Jessica at jessica.penny@afr.comFetching latest articles