8th May 2017: Auction Snapshot: Saturday 6 May

What's happening in the market…

The Reserve Bank of Australia has once again left their cash rate at the record low 1.5%. The board concluded that this decision is "consistent with sustainable growth in the economy and achieving the inflation target over time."

Some changes to real estate have come along with the 2017 Victorian state budget, including changes to:

• First home buyers stamp duty
• First home buyer grants for rural areas
• Introduction of the HomesVic initiative
• Introduction of long term leases
• Greater tenant assistance
• Taxes on vacant residential properties (some exceptions apply)

To read more about the changes, click here.

Saturday 6 May
Number of auctions in Victoria: 618
Clearance rate: 79%

The same weekend last year
Number of auctions in Victoria: 933
Clearance rate: 72%

Auction highlights…

5 Beaver Street, Box Hill South

A fully renovated weatherboard home with three bedrooms and two bathrooms. Located within the Box Hill High School zone, and close to Kingswood College and Roberts McCubbin Primary School, the charming home is well suited to families. Other features include zoned bedrooms, two large living areas, an alfresco deck at rear and polished floorboards.

Number of bidders: 3
Sale price: $1.15 million

8 Gawler Court, Mont Albert

A four bedroom, two bathroom, double storey home located close to all the desirable amenities, including a selection of private schools. The quietly positioned home features a home office, a stone kitchen, gas log fire, gardens and a sandstone-paved alfresco area with roof.

Number of bidders: 2
Sale price: Undisclosed

32 Chadstone Road, Malvern East

Located alongside Treyvaud Reserve, this three bedroom home has shops, schools and transport all located within walking distance. The one-owner home was built in 1950, and the 845 sq m (approx.) block makes it the perfect opportunity to renew or redevelop (STCA). Other features include wrap-around gardens, zoned bedrooms, studio, wide frontage and an updated bathroom.

Number of bidders: 8
Sale price: $2.25 million