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Federal Minister’s warning on housing prices: ‘It could have catastrophic impacts’

As house prices fall in some major cities, the federal government is warning things would be “catastrophic” under Labor.

National property prices have dropped close to three per cent in the past year.

It’s expected that figure will continue to fall, as a result of tighter lending standards prompted by the Banking Royal Commission.

But Population Minister Alan Tudge tells Ray Hadley, Labor’s housing policy is the biggest threat to the housing market:

“Certainly in Melbourne and Sydney the house prices have come off pretty dramatically.

“One of our great concerns is if the Labor Party gets in at the next election and they get rid of negative gearing, then it could have catastrophic impacts on house prices.”

Click PLAY below for the full interview