The clearance rate this week cooled a little in line with the weather improving.

Scheduled Auctions
855
Reported Auctions
521
Total Sold
392
Total Passed In
129
Clearance Rate
75%

As we saw the first signs of Spring coming early there were plenty of people out and about looking at the available stock but will this actually translate into a better market moving forward.

What we have seen in Victoria is a Government drunk on taxing property owners into oblivion through both Land Tax and Stamp Duty.

By increasing these taxes the flow down is:

1. Higher upfront costs: Increased stamp duty makes buying a property more expensive, which can deter potential buyers.
2. Reduced demand: Higher stamp duty can lead to reduced demand, causing property prices to stagnate or fall.
3. Less frequent sales: Increased stamp duty can make sellers hesitant to sell, as they’ll face higher costs when buying their next property.
4. Land tax burden: Higher land tax can increase holding costs for property owners, making them more likely to sell, but also increasing the cost of ownership.
5. Reduced market liquidity: Increased taxes can reduce the number of transactions, making it harder for buyers and sellers to find suitable properties or buyers.

When people realise that being a property owner does not make you part of the bourgeois but a contributing member of society things will change.