Victoria’s tax planning has been blamed for driving investors away from the state, with Block judge Marty Fox warning that a growing number are opting to fix or take their money instead.
Block judge Marty Fox has left the Victorian investment market.
A high-profile real estate agent sold his property to escape what he described as a “failure of leadership” and punishing tax rulings.
The move comes as Victorian property owners face a growing tax burden, with Mr Fox confirming he has sold his Red Hill home and redirected his investments to Queensland.
“People make one of two decisions,” Mr Fox said.
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“They stay in their houses and fix it, or do what I did, and leave.”
Mr Fox said the decision reflected growing capital leaving the state as investors weighed the cost of holding property in Victoria.
“When wealth leaves Victoria and is sent to another country, that is a failure of leadership,” he said.
“Capital could have stayed here, been invested here and contributed to the Victorian economy, but instead it’s going elsewhere.”
He said the current conditions under the Victorian Allan Labor government make it difficult for investors to be accountable for staying in the market.
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Premier Jacinta Allan is under pressure to tackle Victoria’s property tax conditions, with industry figures warning current policies are driving investment away. Image: NCA Newswire / David Geraghty
“Victoria needs to make it attractive for investors to stay,” Mr Fox said.
“Currently many are selling or buying interstate because the tax settings here are inconsistent.”
Mr Fox said that if the government wants to increase housing construction, it must focus on social media and not on sanctions.
“If we want to provide more rental income, we need policies that encourage people to invest in housing, not settings that unintentionally squeeze money from other states,” he said.
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The Block judges Marty Fox and Darren Palmer at the 2026 9 Upfronts
He said the tax reduction aimed at new construction could help increase property availability.
“An effective measure would be an incentive for investors to buy newly built homes or apartments, directly increasing the purchase of property rather than removing existing homes,” said Mr Fox.
Many Victorian homeowners are choosing to renovate rather than move, as rising costs and taxes reshape the property market. Photo: NewsWire / Andrew Henshaw
Delays in planning are also compounding the issue, he added.
“Planning certainty is important,” Mr Fox said.
“When approvals take years, projects die and the homes Victoria desperately needs go unbuilt.”
Mr Fox said investors remained an important part of the housing system despite growing political pressure.
“Investors are not the enemies of real estate, they are a big part of the solution,” he said.
“The challenge is to create a policy environment where investing in Victorian homes makes financial sense again.”
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