First home buyers take July 1 stamp duty savings changes without any frenzy

First home buyers take July 1 stamp duty savings changes without any frenzy
First home buyers take July 1 stamp duty savings changes without any frenzy

The much anticipated July 1 stamp duty savings for first time buyers came into effect on Saturday in NSW and Victoria, though the impact wasn't immediately overly obvious.

"It is still a sellers' market," the Domain auction commentator Dr Andrew Wilson advised.

He suggested the market was likely inflated by first-home buyers "or certainly supported by them."

Despite the onset of winter, and school holidays, continued overall strong buyer demand triggered a small uptick in the national auction success rate.

Brisbane had the nation's cheapest sale when a townhouse at Woodbridge fetched $245,000 in pre-auction negotiations.

Located at 23/45-47 Defiance Street, the three bedroom property has been a $330 a week rental for its South Australian investors.

They had paid $314,000 in 2009. They had been looking to sell since 2016 when they sought $280,000.

Melbourne's cheapest was a one bedroom unit at Essendon sold for $291,000.

Located at 10/30 Richardson Street, the 1970s apartment last sold in 2009 for $252,500.

Sydney's cheapest auction result was a $455,000 pre-auction sale of a studio apartment in Darlinghurst.

The 17/257-261 Darlinghurst Road offering in the 1880s The Statler complex last sold at $250,000 in 2011.

The agents suggested it had a potential $400 a week rental income.

The nation's dearest weekend sale was an original condition 1960s Armadale house which sold for $5.2 million, Melbourne’s most expensive weekend auction result.

Located at 52 Adelaide Street, the five bedroom, three bathroom home on 761 sqm has the potential to be renovated, rebuilt or redeveloped, according to Marshall White selling agents Marcus Chiminello and Nicole French.

The national clearance rate edged back to the lows 70s%, according to CoreLogic.

It was higher than the 69% preliminary rate which sat at 66% after late results, the lowest clearance rate since June 2016.

The combined capital city preliminary clearance rate was 70.3 per cent on the first July weekend.

"Auction clearance rates have been trending lower since reaching a peak at the end of February 2017 when the combined capitals clearance was recorded at 78.4%," Kevin Brogan, the CoreLogic auction analyst said.

Auction volumes were lower this week with 1,984 homes taken to auction across the combined capital cities, down from 2,355 last week.

The volume was significantly higher than this time last year when auction volumes were quieter due to the Federal Election when only 841 homes were taken to auction.

Melbourne had the highest number of auctions, with 866 properties going to market, followed closely by Sydney with 832 homes going under the hammer.

Across Melbourne, 71.9 per cent sold amid the 750 reported auctions.

This was down from 1,047 last week when the final clearance rate was 70.7 per cent.

Melbourne's strongest clearance rate was recorded across the North East, with 80.8 per cent of the 99 reported auctions clearing.

There was no sale when 7 Watties Rd, Templestowe, one of the suburb’s original farmhouses, was offered.

Built in the early 1900s, the two-bedroom weatherboard cottage on 1.37ha, now comes with a $2.6 million asking price through Steve Schumann, of Fletchers Manningham.

It last sold in 1991 at $362,000.

In Sydney, 832 properties were taken to auction this week with a preliminary clearance rate of 72.6 per cent, increasing from last week, when the final clearance rate for the city was 68.2 per cent across 939 auctions.

One year ago, just 365 Sydney homes were taken to auction and the clearance rate was 78.4 per cent.

Sydney’s Ryde region had the strong result at 89.7 per cent and followed by Sutherland's 84 per cent.

There were 119 Brisbane homes taken to auction on the weekend, with 77 results reported so far.

A Manly house sold for $1.42 million making it Brisbane’s most expensive weekend auction.

Located at 12 Kooralgin Street, the 483 sqm property is positioned on Manly Hill with harbour views.

Brisbane's preliminary clearance rate was 54.5 per cent, up from 33.3 per cent last week and higher than one year ago, when 35.6 per cent of the 68 properties taken to auction were successful.

Adelaide saw a preliminary clearance rate of 62.5 per cent, with 56 reported results across a total of 79 scheduled auctions.

In comparison, over the previous week Adelaide’s clearance rate was 68.5 per cent and 62.3 per cent one year ago.

The Adelaide results included a 1930s Hawthorn house for $1.125 million.

Located at 21 Sussex Terrace, the art deco-style property was originally built as a doctor’s residence with consulting room.

Built in 1938, it was last sold in 2008 for $880,000.

There were 43 Perth auctions with 50 per cent selling. Last week there was a 39.6 per cent clearance rate for Perth.

Canberra’s preliminary auction clearance rate of 75.8 per cent across 36 auctions is higher than both last week, when the final auction clearance rate was 67.2 per cent, and last year (54.2 per cent).

A four bedroom Red Hill, ACT house sold for $1.4 million making 12 Hicks Street Canberra’s most expensive weekend auction sale.

Tags: 
Auctions Residential Sales

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