​The Coalition will make no changes to capital gains tax and negative gearing arrangements, as Prime Minister Malcolm Turnbull signalled an election campaign focused on property values and household wealth.

After weeks of suggesting the government might make some changes to negative gearing at the higher end of the income scale, Mr Turnbull said it was "common sense" to make no adjustments to existing arrangements.

"What Labor is proposing is a huge, reckless shock to the market. This is no fine tuning; this is a sledgehammer they are taking to the property market," Mr Turnbull said in Sydney on Sunday.