Buying that second or third investment property to help fund retirement may be less attractive in future with Labor opening the door to a policy of tightening up negative gearing tax concessions, if elected.
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The possibility of less favourable rules for wealthy property investors came as Labor formally unveiled its proposed tax increases for high-end superannuants.
But any negative gearing change, which has not been committed to, would have to be prospective in its application and would not affect existing landlords, said shadow treasurer, Chris Bowen.
It would also need to be tailored to achieve the twin goals of returning funds to the federal budget and ensuring ongoing supply of new housing stock into the rental and purchasing markets.
It is one of several prickly policy options being forced on both the government and the opposition as they look for ways to fund new promises while repairing a budget stricken with falling revenue and burgeoning fixed outlays on health, education, and social security.
Unveiling Labor's new policy to lift taxes on superannuation earnings for the wealthy, Mr Bowen has committed a future Labor government to making budget savings over 10 years that exceed any new spending. And he has confirmed there will be other adjustments to the tax system to come, including possible changes to negative gearing - the longstanding tax break that allows investment property costs to be written-off against income for tax purposes.
While no details have been released, such a move could be expected to cool currently overheated capital city property markets, which have been turbo-charged in recent times - particularly Sydney and Melbourne - by a combination of cheap money via record low interest rates, and generous negative gearing rules.
The situation has shut many low income-earners and potential first homebuyers out of the market.
Speaking at the National Press Club, Mr Bowen said it would be "irresponsible to rule out going to the next election with changes to, for example, negative gearing".
"I have said our principle will be 1. Do not disadvantage people who have made investments in good faith under current rules. 2. Do not risk reducing the supply of new housing or, if possible, improve the situation with the supply of new housing'," he said.
Prime Minister Tony Abbott last week ruled out any changes to negative gearing, saying he didn't want his government's tax reform plans to begin with "increasing taxes".
Questioned on Labor's approach to policy in the lead up to the election, Mr Bowen pledged to continue releasing policy in time for voters to understand it, promising Labor would not hold back policy announcements until the final week of the election campaign.
Just weeks away from delivering his second budget, Treasurer Joe Hockey took a swipe at Labor's proposal on superannuation but also left open room to adopt it if deemed necessary.
"We will have a look at the details, but I am always sceptical about Labor coming up with a plan that increases taxes," he said at a speech in Melbourne.
Mr Hockey said the government was looking at superannuation taxation arrangements along with other issues in its tax white paper process, accusing the opposition of "making it up" as it went along.
"I don't like higher taxes; I am philosophically opposed to higher taxes," he said.
"Because if you increase taxes you're just collecting someone else's money."
"I am saying we have a tax white paper; we have a proper process. Quite frankly we said if there are integrity measures they should be looked at."
Statistics from the Australian Tax Office show that in 2011-12 almost 2 million Australian taxpayers owned an investment property. But the majority of those were owned by people toward the upper end of the income scale.
Defenders of negative gearing have argued that the tax break is needed to assist ordinary people on average weekly earnings service the costs of real estate investment as part of their retirement portfolio.
