Property investors start to pull out of the market pre-auction

Property investors have been pulling out of this weekend’s auctions and showing more caution about purchases, agents said, after this week’s budget curbed investor tax breaks.

Property investors start to pull out of the market pre-auction. Property investors have been pulling out of this weekend’s auctions and showing more caution about purchases, agents said, after this week’s budget curbed investor tax breaks. First home buyers have also been enquiring about homes for sale ahead of the weekend, when 1874 auctions are scheduled around the country. Investors have become more cautious ahead of this weekend’s auctions. But the auction market remains sluggish after three interest rate rises this year, with several vendors planning to sell prior or postpone their auction plans. Real Estate agent Elise Nemer in Melbourne said an investor who was looking to bid on a property at auction on Saturday “got cold feet” after the budget. “What we are getting now is first home buyers or upsizers, and less investors,” she sai...