15th May 2017: Auction Snapshot: Saturday 13 May

What's happening in the market…

As reported by Domain, some changes to real estate have come along with the 2017/2018 Federal budget, including:

• Overseas buyers can no longer own more than 50% of a development
• Introduction of the First Home Super Saver Scheme
• Foreign investors will receive a tax if their property is vacant for longer than six months
• Investors can no longer claim travel expenses when visiting their investment properties
• When retirees sell their homes of 10 years or more, they can put up to $300,000 into their superannuation

To view the full Domain article, click here
To view the full Federal Budget, click here

Saturday 13 May
Number of auctions in Victoria: 872
Clearance rate: 78%

The same weekend last year
Number of auctions in Victoria: 796
Clearance rate: 72%

Auction highlights…

50-52 Narr-Maen Drive, Croydon Hills

A spacious four bedroom, brick veneer home on a 1,768 sq m (approx.) garden allotment with all the desirable amenities close by. The home features three living zones, an updated kitchen, a covered alfresco area, a water tank and a tall carport. An opportunity exists to build a new home or redevelop (STCA).

Number of bidders: 5
Sale price: Undisclosed

2/20 Tandara Avenue, Doncaster

A modern unit with ample space for living and entertaining, this home features three bedrooms, two bathrooms, a timber deck and a generous floorplan. Shops and schools are located close by, and the villa is zoned for Doncaster Primary School and Secondary College, making it well suited to singles, families and downsizers.

Number of bidders: 4
Sale price: Undisclosed

148 Yarrbat Avenue, Balwyn

A large corner block of approx. 754 sq m, with views across Mont Albert Park, and located close to Maranoa Gardens, schools and transport. The current residence has three bedrooms, a modern timber kitchen and is well suited to those looking to renovate or redevelop (STCA). Other features include an inground pool and north-facing gardens.

Number of bidders: 2
Sale price: $2 million