Market Report

Property Market Report: June 2023

6 June 2023
by Dee Pajevikj

The Andrews Government spent big on their panicky response to the pandemic and now we are about to pay the bill. Pallas is hoping to extract nearly five billon dollars from property investors in the next four years. Holiday homeowners will pay an average of $1300 more in land tax. For Absentee landowners Land Tax will rise from 2% to 4%.

Paul Guerra, Chief Executive of the Victorian Chamber of Commerce has noted drily that property owners are being treated as an ATM for the Victorian government.
Pallas’ decision to use property as his hole in the wall will likely push the real estate recovery back a while – but here at Abercrombys we can feel its inevitable approach. The market is particularly strong for renovated homes across all price ranges.
Melbourne’s clearance rate at auction has bounced back to a strong level from a low point midway through last year. There is a continuing shortage of new listings reflecting sellers’ caution in the rising rate environment. On the upside, this shortage has helped to support prices.
Given property owners current tendency to store stock and the resulting shortage of homes for sale we are seeing fierce competition on auction day leaving many potential buyers disappointed. There is a recent tendency for properties to sell off-market – before going to auction.
Abercrombys has recently listed a selection of properties ranging from the attractive to the truly amazing, not only in Stonnington but also further afield. So if you’re looking for a wonderful home your first port of call should be here. If you’re looking to sell a wonderful home your most important decision will be to call Abercrombys and let us maximize your price using our discreet methodology and unsurpassed market knowledge.