In Victoria
Saturday is the last main auction day First Home Buyers can access the first home buyers grant on established properties. I am tipping some ridiculous prices will be paid as a result. Some have the fear of missing the $7k but for most it is a deposit issue as that $7k can be the difference between being able to buy for say $470k with it or $380k without.
Faced with having to save money while the property market is on fire many first home owners are prepared to pay $50k or so more than what they think it is worth to get into a property. It is crazy stuff bought about by ridiculous govt policy not considering the consequences of their actions. If they wanted it gone and to make first home buyers lemmings and buying crappy new builds in paddocks like they do they should have at least staggered the grant out $1k every 3 months.
I went to 4 auctions on Sat and it was interesting that what I would consider investment quality property which is roughly 5-10% of the total market all four had multiple buyers advocates bidding against each other. Slim pickings with multiple demand will always see a price rise.
I know 6 people who are putting up properties for auction this Sat as a deliberate attempt to exploit this situation, mixture of just putting up property for auction and will sell only if crazy price achieved and those who were going to sell anyway but choose this date because it is the last Saturday. I feel sorry for the first home buyers who have been placed in this position of having to pay over market or wait and possibly have to pay even more in 12 months all due to an ill conceived policy implementation.
Investors should go the snow this weekend instead and have another crack the following week.
Cheers BT
Saturday is the last main auction day First Home Buyers can access the first home buyers grant on established properties. I am tipping some ridiculous prices will be paid as a result. Some have the fear of missing the $7k but for most it is a deposit issue as that $7k can be the difference between being able to buy for say $470k with it or $380k without.
Faced with having to save money while the property market is on fire many first home owners are prepared to pay $50k or so more than what they think it is worth to get into a property. It is crazy stuff bought about by ridiculous govt policy not considering the consequences of their actions. If they wanted it gone and to make first home buyers lemmings and buying crappy new builds in paddocks like they do they should have at least staggered the grant out $1k every 3 months.
I went to 4 auctions on Sat and it was interesting that what I would consider investment quality property which is roughly 5-10% of the total market all four had multiple buyers advocates bidding against each other. Slim pickings with multiple demand will always see a price rise.
I know 6 people who are putting up properties for auction this Sat as a deliberate attempt to exploit this situation, mixture of just putting up property for auction and will sell only if crazy price achieved and those who were going to sell anyway but choose this date because it is the last Saturday. I feel sorry for the first home buyers who have been placed in this position of having to pay over market or wait and possibly have to pay even more in 12 months all due to an ill conceived policy implementation.
Investors should go the snow this weekend instead and have another crack the following week.
Cheers BT
