Home > Uncategorized > Market Update | 15 & 16 May 2021

Market Update | 15 & 16 May 2021

𝐀 𝐜𝐨𝐥𝐝 𝐬𝐧𝐚𝐩 𝐝𝐞𝐬𝐜𝐞𝐧𝐝𝐞𝐝 𝐨𝐯𝐞𝐫 𝐦𝐮𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐨𝐮𝐧𝐭𝐫𝐲 𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐰𝐞𝐞𝐤𝐞𝐧𝐝, 𝐚𝐧𝐝 𝐌𝐞𝐥𝐛𝐨𝐮𝐫𝐧𝐞 𝐰𝐚𝐬 𝐧𝐨𝐭 𝐢𝐦𝐦𝐮𝐧𝐞 𝐚𝐬 𝐰𝐢𝐧𝐭𝐞𝐫𝐲 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐬𝐞𝐭 𝐢𝐧. 𝐃𝐞𝐬𝐩𝐢𝐭𝐞 𝐭𝐡𝐞 𝐜𝐡𝐢𝐥𝐥𝐲 𝐰𝐞𝐚𝐭𝐡𝐞𝐫, 𝐚𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐰𝐞𝐫𝐞 𝐬𝐭𝐢𝐥𝐥 𝐪𝐮𝐢𝐭𝐞 𝐰𝐞𝐥𝐥 𝐚𝐭𝐭𝐞𝐧𝐝𝐞𝐝, 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐅𝐥𝐞𝐭𝐜𝐡𝐞𝐫𝐬 𝐆𝐫𝐨𝐮𝐩 𝐚𝐜𝐡𝐢𝐞𝐯𝐞𝐝 𝐚 𝐬𝐨𝐥𝐢𝐝 𝐜𝐥𝐞𝐚𝐫𝐚𝐧𝐜𝐞 𝐫𝐚𝐭𝐞 𝐨𝐟 𝟖𝟏 𝐩𝐞𝐫 𝐜𝐞𝐧𝐭.


In property news, the Victorian government announced that those buying a home for more than $2 million across the state would pay more stamp duty – with a premium duty rate of 6.5 per cent being introduced. The rates will jump from the usual 5.5 per cent on 1 July 2021.


Further tax hikes will also affect investors, with land tax to rise by 0.25 percentage points for land holdings worth between $1.8 million and $3 million and 0.3 percentage points for holdings above $3 million from the start of 2022.
The Real Estate Institute of Victoria (REIV) has hit out against the changes, saying they would harm the industry and buyers and investors alike. REIV President, Leah Calnan said, “property already accounts for more than 40 per cent of government revenue…there is not much more capacity [for] any one sector to absorb further tax burden”.


Despite the news, a Super Saturday was still in play over the weekend, with over 1,000 auctions called.


Success. It’s a Fletchers thing.

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