First home buyer nabs $740,000 Melbourne ex-rental as investors drop out
A first home buyer successfully purchased a Thomastown house for $740,000 after investors withdrew from the bidding process. The property, previously a rental, was one of many auctions held in Melbourne following recent tax changes affecting investment properties. The auction saw three first home buyers compete, ultimately leading to a sale at the reserve price.
- ▪The house was last advertised for rent at $460 per week in January 2024.
- ▪The auction clearance rate in Melbourne was recorded at 60 percent from 564 reported results.
- ▪Investors dropped out of the bidding due to changes in tax concessions on investment properties.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.