What tax changes? Seven investors vie for $1.95 million Sydney house
Seven investors participated in an auction for a three-bedroom house in St Marys, which sold for $1.95 million. The auction took place shortly after new tax changes were announced in the federal budget, aimed at boosting home ownership. The clearance rate for Sydney auctions showed signs of a weakening market, with many properties withdrawn from sale.
- ▪The house sold for $1.95 million, which was $50,000 below its $2 million reserve.
- ▪The auction was one of 807 scheduled in Sydney, marking the first market test after recent tax changes.
- ▪The preliminary auction clearance rate was recorded at 51 percent, indicating a decline from the previous week's 55 percent.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.