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At the mid-week auction, 33 Furlong Rd in Cairnlea was sold out for $942,500, which was $62,500 above the reserve price.
A supplier’s gamble to shorten the sales of its Cairnlea house in order to defeat the stamp duty changes that took effect on July 1 has paid off under the hammer.
Family cushion 33 Fulong Road After spending only two and a half weeks on the market for their property, they were snapped up for $62,500 on Wednesday for $942,500.
Harcourts agent David Lu said that the auction was ahead of schedule, so buyers can honor the state government’s 25% stamp duty reduction policy that ends at midnight on June 30.
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Melbourne auction results: first-time home buyers enter before stamp duty changes
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This four-bedroom house has only been on the market for two and a half weeks.
Harcourts agent David Lu said that sellers auction in advance so that buyers can profit from the state government’s 25% stamp duty exemption.
The exemption was introduced last year to stimulate the real estate market after the lockdown, and expires at midnight on June 30.
This saving measure was introduced last year to stimulate the post-blockade market and is eligible to purchase existing properties worth less than $1 million.
Four bidders bid for four-bedroom residences of this era, with about 30 bids.
Mr. Lu said that buyers fell in love with the size, features and location of the house.
Mr. Lu said that Caenley is a popular suburb for buyers who are looking for modern properties within a half-hour drive.
A first-time homebuyer had hoped to win the key, but Mr. Lu said that they could not compete with the bidding ability of established homeowners. They fell in love with the school and the size and location of the houses near the Brimbank and Cairnlea shopping malls.
A veteran homeowner defeated the key to first-time homebuyers.
The property has easy access to the school and Brimbank and Cairnlea shopping centers.
“There is a first-time home buyer, but the bidding exceeded their budget from the beginning,” Mr. Lu said.
“From 750,000 US dollars to 800,000 US dollars, then it started to rise by 10,000 US dollars, and then 5,000 US dollars.”
Mr. Lu said that the savings in stamp duty allowed buyers to obtain more bidding rights in the auction.
This gives them the confidence to spend more money.
Mr. Lu said that the stamp duty savings gave buyers confidence to increase consumption.
But he said that the expiration of the tax holiday is unlikely to curb demand for Caenley properties.
The 25% stamp duty exemption applies to the purchase of residential properties under US$1 million.
He said buyers have flooded into the area from suburban areas such as Sunshine, St Albans and Footscray, looking for modern, more affordable, moderately sized houses that are less than half an hour away from the city.
“If you talk about it in the east of the city, you are talking about millions (for that kind of thing),” Mr. Lu said.
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