Melbourne auction market faces major test as super buyers banned

Anthony Albanese buyer ban to hit Melb auction market – for herald sun real estate Melbourne’s auction market will kick off one of its quietest weekends outside of public holidays this year with a major question mark over it. While an interest rate hold by the Reserve Bank on Tuesday was welcome news for the owners of the city’s 551 homes scheduled to go under the hammer this week, economists don’t believe it will be enough to tip the balance in favour of sellers. While last week ended with 57 per cent of homes sold under auction conditions, the best result since March, Ray White Victoria’s chief auctioneer Luke Banitsiotis said it was possible those figures were boosted by a buyer group that was banned from the market on Tuesday. RELATED: Albo budget gaff delivers $267m budget black hole Melb family waits nine years for dream home Cheap Vic home spots to turn doom into boom August 10 was the last day for property investors to borrow money to purchase within their self-managed super fund after the Albanese government cracked down on the practice. Mr Banitsiotis said in some areas in Melbourne’s west over the past few weeks they had reports of 65 per cent of sales going to investors...