With a few more auctions being conducted this weekend we saw a return to form.

A clearance rate of 80% was achieved which shows there is clear confidence in the property market.

Why is this?

Well as bank deposit rates are low and borrowing money is cheap people are seeing now as the perfect time to invest or upgrade the family home.

We are still also seeing relatively low stock levels due to the cost of moving. As the property prices have increased so has the cost of moving with Stamp Duty now becoming a significant and sometimes prohibitive expense.

If the State Government wants to increase the amount of stock on the market they need to look at the cost of Stamp Duty and the possibility of a reduction.

But I won’t hold my breath as a Labor Government reducing taxes will never happen.