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Yeah but people buy/reno and sell properties all the time AND pay CGT so it's not prohibitive. You just need to know your market and how to renovate and keep to budget.

If you are going to keep the first one you can't do it with the second one. You can only claim on PPOR at a time. I know a single guy that buys a house, lives in it for a while then sells it and buys another using this strategy. As long as you don't do it often enough to attract attention.