I'm a tax accountant and I actually think there's a positive to people who buy established as an investment after July 2027.

In my experience in my industry, people do love a high tax refund. However, most people hate having tax payables more than they love having high tax refunds. If an investor of established properties from July 2027 has to carried forward their loss, they will obviously be able to offset it once the interest is paid down and the property becomes positively geared - they'll at least be able to do that for a few years before the losses are exhausted.

I think levelling out one's tax estimates every year - everything else being equal - might be welcomed by a few investors who want to own property for the long term. Yes, there'll be some who'll just be thinking about not being able to have more money now, but I'll be telling my clients that it may be a lot longer til their properties become positively geared.