4 Mangarra Rd, Canterbury, was Melbourne’s second priciest auction this week with a $4.2m sale.
Victorians struggling to buy a home will get a major boost this week as tax cuts add tens of thousands of dollars to budgets and a new tranche of government housing support kicks in.
But they’ll have fewer homes to choose from as the school holidays lead to a quiet start to the new financial year with just 758 auctions scheduled according to PropTrack.
This week Victoria had 937 homes slated to go under the hammer, with PropTrack recording a 62.5 per cent clearance rate from 645 results yesterday.
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Ray White statistics show a sizeable chunk of the sales are likely to have been landlords selling up, with the state’s largest real estate group indicating 31.4 per cent of sales had been from investors in the past 90 days.
By contrast, investor buyer numbers were just 16.7 per cent.
Chief auctioneer Jeremy Tyrrell said the result was that many of the more affordable homes were being sold to first-home buyers, who should be buoyed by the new financial year’s windfalls.
![9 Rosella Rd, Parkdale - for herald sun real estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
9 Rosella Rd, Parkdale, became this week’s third priciest home sold for $3.01m.
From Monday, tax cuts will give Victorian homebuyers earning $96,000 a $20,000 boost to their budgets as banks factor them into borrowing capacity and purchasing power.
The Canstar calculations also show that for couples, both earning the same wage, it could mean a $40,000 boost.
Meanwhile, July 1 marks the start date for the federal government’s next 50,000 Home Guarantee places, in which the federal government guarantees home loans for market entrants and struggling single-parents. It slashes the time needed to save a deposit, with applicants needing as little as 5 per cent of their planned purchase price, to make a move — and helps them avoid thousands in lenders mortgage insurance.
7 Charles St, Hawthorn, was the weeks top auction sale at $7m.
The scheme includes 35,000 first-home buyer guarantees for metropolitan areas nationwide, 10,000 places for regional areas and 5000 dedicated spots for single parents.
Mr Tyrrell said he thought the combination would likely offset the “lingering speculation around what they will do with interest rates”.
Melbourne’s top sales for the weekend were a $7m post-auction result for 7 Charles St, Hawthorn, a $4.2m auction sale for 4 Mangarra Rd, Canterbury, and a striking Parkdale home at 9 Rosella Rd that made $3.01m.
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