A rush of investors keen to secure properties before a possible scrapping of negative gearing rules also helped keep both Melbourne and Sydney’s auction markets hitting clearance rates in the mid 70 per cent range.
Melbourne’s established housing market is showing persistent strengthening pushing the weekend’s auction clearance rates the highest in several weeks as homes sell above reserves.
A five-bedroom home in Melbourne’s eastern suburb of Canterbury sold for $5.11 million or about $310,000 above reserve, making it the most expensive sale on the weekend.
Read more: http://www.afr.com/real-estate/negative-gearing-changes-spark-auction-rush-20160528-gp6do2#ixzz4A4laisha
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