Home > Uncategorized > Market Update | 26 & 27 June 2021

Market Update | 26 & 27 June 2021

Over 1,200 were scheduled to go under the hammer on the last auction weekend of the financial year, with many sales rescheduled post the “circuit-breaker” lockdown. The rain held off and although the temperature was a bit fresh, it was good to stay dry!

With the upcoming end of financial year, we expected to see many sales as it was the last chance to buy before the state government discount to stamp duty ends. The discount of 25 per cent of stamp duty was available to people who bought existing homes for under $1 million, brought in during the worst of COVID-19 last year to help maintain property sales.

From 1 July, stamp duty will rise for property sales over $2 million and the pandemic discount for properties under $1 million will end on the same date. This did not appear to have an impact on the buyers on the weekend however, with the Fletchers Group achieving a success rate of 82 per cent for the weekend.

The market is still hot and in addition to the properties sold at auction, we also had a number of homes sell prior due to demand. To sell prior can sometimes be the right road to take for the vendor and the buyers.

Success. It’s a Fletchers thing.

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