Property experts say the generational tax changes in Jim Chalmers’ budget, although well intended, will do little to address the most pressing crisis confronting Victoria’s moribund housing market – the prohibitive cost of building homes.

They warn that unless the Victorian government lightens its burden on property, the changes to negative gearing and capital gains could result in an exodus of would-be investors and the construction of even fewer new homes.

Charter Keck Cramer executive director Richard Temlett says Victoria needs to urgently address the cost of building a new home.…