<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Today marked the first test of the federal government's negative gearing overhaul at auctions across the country.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Hopes were a little higher this morning among those looking to break into the property market after the </span><a href="https://www.9news.com.au/federal-budget" rel="" target="" title="federal budget"><span>federal budget</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>First home buyer Matt Beck said: "In the past we may have been competing with a lot of investors, but now with everything that's happened, that may change, slightly."</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/shark-attack-rottnest-island-perth-western-australia/8eb76e10-df38-44af-8029-250d9ba88432"><strong><span>Man dies after shark attack on WA's Rottnest Island</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Annie Ird said things seemed to have changed already.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Places that were up for auction are now going for sale, so I feel like people are freaking out a little bit," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Matt and Annie weren't lucky enough today in their bid for an Inner West Sydney home.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/budget-property-rules-negative-gearing/ae8f96d1-b31e-49d6-9290-ef72b868c346" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The federal government's negative gearing overhaul could now change how buyers behave.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/federal-budget-2026-boost-juice-founder-lashes-federal-budget/be5899df-8057-4d61-a06f-828bb1430f73"><strong><span>'That is just so unfair': Boost Juice founder lashes budget tax reform</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Prime Minister Anthony Albanese's </span><a href="https://www.9news.com.au/national/federal-budget-2026-changes-to-negative-gearing-capital-gains-tax-discount-explained/0a2e7bcf-5c7b-42bc-88d1-788c34aa9eb2" rel="" target="" title="overhaul of negative gearing "><span>overhaul of negative gearing</span></a><span> is expected to put off investors.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The investor who is bidding against someone who wants to live in that home as their first home won't have the taxpayer by their side," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Andrew Wilson, chief economist at My Housing Market, said: "I think we'll see fewer buyers. And there should be a transition period between fewer investors and more first home buyers."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>New rules mean any property purchased after 7.30pm on Tuesday can only be negatively geared until July 1 next year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>After that, it's for new builds or property purchased before budget night only.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"They are aimed fairly and squarely at providing additional opportunity for young people," Albanese said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However there has been backlash with claims it won't do much.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Shadow treasurer Tim Wilson said: "They're going to increase rents, build fewer homes and kneecap young Australians by taxing their first home deposit when it's invested."</span></div></div><div class="styles__Wrapper-sc-2o34ro-0 cmwkBV"><div class="styles__Column-sc-2o34ro-3 jJDKrX"><a href="/content/2026/05/13/03/21/federal-budget-2026-newspaper-front-pages-in-pictures"><img alt="" sizes="(min-width: 1024px) 636px, (min-width: 768px) 396px, 100vw" src="https://imageresizer.static9.net.au/VFMZGesylSxXBuPBp4HVgDnATtU=/26x105:698x482/396x223/https%3A%2F%2Fprod.static9.net.au%2Ffs%2F44fab203-59c0-46ff-a5b9-e91a8342abd2" srcset="https://imageresizer.static9.net.au/VFMZGesylSxXBuPBp4HVgDnATtU=/26x105:698x482/396x223/https%3A%2F%2Fprod.static9.net.au%2Ffs%2F44fab203-59c0-46ff-a5b9-e91a8342abd2 396w, https://imageresizer.static9.net.au/9jqMLqiV9bDtj564cRO98HE0WO0=/26x105:698x482/636x358/https%3A%2F%2Fprod.static9.net.au%2Ffs%2F44fab203-59c0-46ff-a5b9-e91a8342abd2 636w"/></a></div><div class="styles__Column-sc-2o34ro-3 jJDKrX"><div class="styles__Headline-sc-2o34ro-4 hpbOlz">In pictures: The federal budget newspaper front pages</div><div class="styles__Button-sc-2o34ro-1 eBjlmW"><a class="styles__ButtonLink-sc-2o34ro-2 hqpklJ" href="/content/2026/05/13/03/21/federal-budget-2026-newspaper-front-pages-in-pictures">View Gallery</a></div></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Treasury modelling predicts the changes will slow house price growth by 2 per cent over the next two years but it also warns it could push rents up, adding an average $2 per week.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I think in the shorter term it will put house prices under pressure. There's no doubt about that," Wilson said.</span></div></div>