This year’s budget announcement has stirred up plenty of talk in the property market, and for good reason. Whether you’re buying, selling, or renting, the government’s latest budget decisions are likely to affect you one way or another. Here’s a quick rundown of how the budget could impact the housing market and what it means for everyday folks.

First off, interest rates are top of mind for everyone. If rates stay high or climb further, mortgages get more expensive, which often slows down home-buying. High interest rates can discourage people from taking out big loans, which could lead to a cooling off in house prices. So, if you’re planning to buy, it might mean you’ll face a higher monthly payment, but you could also see property prices start to dip slightly as fewer people are actively buying.

For renters, there’s both good and challenging news. The budget has announced funding for more affordable housing, which is aimed at increasing the supply of homes. This could mean that in the long run, there will be more affordable rental options out there. However, in the short term, if landlords’ costs go up because of rising interest rates, they may pass some of those costs on to tenants with higher rents.

For investors, the government’s stance on tax relief remains key. While there haven’t been drastic tax cuts or major incentives this year, some property investors are hoping for a friendlier tax environment. For now, they’ll need to keep an eye on expenses and be selective about where they invest.

In a nutshell, this budget introduces some new funding for affordable housing and leaves room for interest rates to affect the market in the months to come. For anyone in the property game, it’s a time to stay alert and watch the numbers closely.